Você está na página 1de 35

EROHWLP WpFQLFR 

3$72/2*,$ '$6 &216758d(6


125%(572 % /,&+7(167(,1
0HVWUH HP (QJHQKDULD (3863

3$72/2*,$ '$6 &216758d(6


352&(',0(172 3$5$ ',$*1267,&2 ( 5(&83(5$d2
1RUEHUWR %OXPHQIHOG /LFKWHQVWHLQ

3$/$95$6 &+$9(
&RQVWUXomR FLYLO SDWRORJLD GDV FRQVWUXo}HV UHFXSHUDomR

5(6802
'LVFXWHVH D TXHVWmR GRV HGLItFLRV TXH HP QmR DOFDQoDQGR XP GHVHPSHQKR PtQLPR
SUpHVWDEHOHFLGR QmR DWHQGHP jV H[LJrQFLDV GRV VHXV XVXiULRV /HYDQWDVH D QHFHVVLGDGH GD
GHOLPLWDomR GH WRGR XP FDPSR GD HQJHQKDULD D 3DWRORJLD GDV &RQVWUXo}HV SDUD R HVWXGR GDV
IDOKDV GRV HGLItFLRV
3DUD R FDVR GRV HGLItFLRV TXH DSUHVHQWDP SUREOHPDV SDWROyJLFRV H SURSRVWR XP SURFHGLPHQWR GH
DWXDomR (VWH SURFHGLPHQWR FRQVLVWH EDVLFDPHQWH HP OHYDQWDPHQWR GR PDLRU Q~PHUR SRVVtYHO GH
VXEVtGLRV SDUD R HQWHQGLPHQWR GR SUREOHPD DWUDYpV GH YLVWRULD GR ORFDO GR KLVWyULFR GR HGLItFLR H GR
UHVXOWDGR GH H[DPHV FRPSOHPHQWDUHV GLDJQyVWLFR GD VLWXDomR RX VHMD HQWHQGLPHQWR FRPSOHWR
GRV IHQ{PHQRV RFRUULGRV  GHILQLomR GD FRQGXWD D SDUWLU GD HVFROKD GD DOWHUQDWLYD GH LQWHUYHQomR
PDLV FRQYHQLHQWH e DSUHVHQWDGD D DSOLFDomR UHDO GD PHWRGRORJLD SURSRVWD HP GLIHUHQWHV FDVRV
WUDWDGRV SRU GLIHUHQWHV WpFQLFRV WRGRV HOHV FRP VXFHVVR

1RUEHUWR %OXPHQIHOG /LFKWHQVWHLQ 0HVWUH HP (QJHQKDULD 3URIHVVRU GR 'HSDUWDPHQWR GH


(QJHQKDULD GH &RQVWUXomR &LYLO GD (VFROD 3ROLWpFQLFD GD 8QLYHUVLGDGH GH 6mR 3DXOR

3$72/2*,$ '$6 &216758d(6


352&(',0(172 3$5$ ',$*1267,&2 ( 5(&83(5$d2
 ,1752'8d2
2 GHVHQYROYLPHQWR GD WHFQRORJLD GD FRQVWUXomR VH GHX GHVGH RV SULPyUGLRV GD FLYLOL]DomR HP
GLYHUVDV GLUHo}HV FRQFRPLWDQWHPHQWH FULDQGRVH XP DFHUYR GH FRQKHFLPHQWR TXH SHUPLWLX DR
KRPHP GHQWUR GH FHUWRV OLPLWHV FRQVWUXLU HGLItFLRV DGDSWDGRV jV VXDV QHFHVVLGDGHV HP HTXLOtEULR
FRP R PHLR DPELHQWH
$R PHVPR WHPSR HQWUHWDQWR HP WRGDV DV pSRFDV HP PDLRU RX PHQRU JUDX XPD SDUWH GRV
HGLItFLRV FRQVWUXtGRV QmR WHP DSUHVHQWDGR XP GHVHPSHQKR VDWLVIDWyULR $ SUHRFXSDomR FRP HVWHV
HGLItFLRV FRP VHXV SUREOHPDV  p PXLWR DQWLJD H SRGHVH GL]HU TXH QDVFHX FRP R SUySULR DWR GH
FRQVWUXLU (VWD SUHRFXSDomR FRQWXGR QmR VH UHYHVWLD DQWLJDPHQWH GH FDUiWHU VLVWHPiWLFR HVWDQGR
UHVWULWD DR HVWXGR GH DOJXQV SUREOHPDV PDLV FRPXQV JHUDOPHQWH DTXHOHV TXH SURYRFDYDP DOJXPD
IDOWD GH VHJXUDQoD HVWUXWXUDO
0RGHUQDPHQWH FRP D DSOLFDomR QD (QJHQKDULD &LYLO GR FRQFHLWR GH GHVHPSHQKR RV HGLItFLRV
FRPHoDP D VHU DQDOLVDGRV FRPR XP WRGR &RQVHTHQWHPHQWH RV SUREOHPDV GH GHVHPSHQKR
LQVDWLVIDWyULR WDPEpP FRPHoDP D VHU HQWHQGLGRV GHQWUR GH XP FRQWH[WR JOREDO H QmR GH IRUPD
HVWDQTXH SRU GHIHLWR FRPR DQWHULRUPHQWH
3HUFHEHQGR D QHFHVVLGDGH GH FRQVROLGDU RUJDQL]DU H DPSOLDU RV FRQKHFLPHQWRV QHVWD iUHD RV
RUJDQLVPRV LQWHUQDFLRQDLV GH SHVTXLVD WrP SURFXUDGR DWXDU VREUH HVWD TXHVWmR 2 SULPHLUR SDVVR
TXH HVWi VHQGR GDGR p QR VHQWLGR GH OHYDQWDU D VLWXDomR GRV HGLItFLRV HP XVR 'LYHUVDV HQTXHWHV
FRP FROHWDV RUJDQL]DGRV GH LQIRUPDo}HV LQ ORFR  WrP VLGR IHLWDV FRP R REMHWLYR GH UHFHQVHDU DV
IDOKDV GRV HGLItFLRV H[LVWHQWHV 2V SULPHLURV UHVXOWDGRV PRVWUDUDP XP Q~PHUR HQRUPH GH HGLItFLRV
FRP EDL[R GHVHPSHQKR PHVPR QRV SDtVHV FRP ORQJD WUDGLomR GH FRQVWUXLU EHP &RP HVWHV
OHYDQWDPHQWRV HVWi VH WRPDQGR FRQKHFLPHQWR GD JUDYLGDGH GD VLWXDomR H VH IRUPDQGR D
FRQVFLrQFLD GD QHFHVVLGDGH GH UHVROYLOD GH IRUPD JOREDO
'HQWUH DV SHVTXLVDV UHDOL]DGDV DOJXPDV PHUHFHP GHVWDTXH 'HYHP VHU UHVVDOWDGRV RV HVIRUoRV
GR &67& &HQWUH 6FLHQWLILTXH HW 7HFKQLTXH GH OD &RQVWUXFWLRQ QD %pOJLFD >@ GR %5( %XLOGLQJ
5HVHDUFK (VWDEOLVKPHQW QD ,QJODWHUUD >@ H Gi (3(%$7 $VVRFLDWLRQ 3RXU /
pWXGH GH OD 3DWKRORJLH
HW GH /
HQWUHWLHQ GX %kWLPHQW QD)UDQoD >@ HQWUH RXWURV
1R %UDVLO Mi HP  ORVKLPRWR HP WUDEDOKR UHDOL]DGR SHOR ,37 SHVTXLVRX D RFRUUrQFLD GH DOJXQV
SUREOHPDV SDWROyJLFRV HP  FRQMXQWRV KDELWDFLRQDLV YLVLWDQGR XP WRWDO GH TXDVH  KDELWDo}HV
>@
$ SDWRORJLD GDV FRQVWUXo}HV HVWLR GDQGR SRUWDQWR VHXV SULPHLURV SDVVRV SHOR OHYDQWDPHQWR GD
VLWXDomR H[LVWHQWH 2 FDPLQKR D VHJXLU p ORQJR H FRPHoD SRU XPD KRPRJHQHL]DomR GH FRQFHLWRV H
PpWRGRV
(VWH WUDEDOKR GH KRPRJHQHL]DomR FRPHoD D VHU IHLWR FRP D FULDomR SHOR &,% &RQVHLO ,QWHUQDWLRQDO
'X %kWLPHQW GH XPD QRYD FRPLVVmR GH WUDEDOKR D :   3DWRORJLD GDV &RQVWUXo}HV
$V SURSRVWDV LQLFLDLV GH WUDEDOKR VmR DV VHJXLQWHV >@

 'HVHQYROYLPHQWR GH HVWUXWXUDV GH LQYHVWLJDomR H GLYXOJDomR GDV IDOKDV $V SULPHLUDV HVWUXWXUDV


VHUmR SURGX]LGDV SDUD D LQILOWUDomR GH DU H iJXD SHODV MDQHODV ILVVXUDomR GH SDUHGHV LQWHUQDV GH
DOYHQDULD UHVLVWHQWH H XPLGDGH DVVRFLD GD FRP FREHUWXUDV SODQDV
 ,GHQWLILFDomR GRV WLSRV PDLV FRPXQV GH IDOKDV GDV &RQVWUXo}HV H DV PHGLGDV WHUDSrXWLFDV
DSOLFDGDV D HODV
 'HILQLomR GR FDPSR GD 3DWRORJLD GDV &RQVWUXo}HV
2 SUHVHQWH WUDEDOKR WDPEpP VH LQVHUH QHVWH FRQWH[WR GD SURFXUD GR GHVHQYROYLPHQWR SDWRORJLD GDV
FRQVWUXo}HV HQIRFDQGR QmR RV IHQ{PHQR ItVLFRV H TXtPLFRV GyV SUREOHPDV SDWROyJLFRV PDV VLP
IRUPDOL]DQGR XP SURFHGLPHQWR DSOLFiYHO SDUD D UHVROXomR GHVWHV SUREOHPDV
 $ 3523267$ '( 80$ 0(72'2/2*,$ ( '( 80 352&(',0(172 35$7,&2
 $ QHFHVVLGDGH GR PpWRGR H VXD UHODomR FRP D H[SHULrQFLD GR WpFQLFR
8PD HQRUPH TXDQWLGDGH GH HGLItFLRV HP WRGR R PXQGR WHP KRMH SUREOHPDV UHODFLRQDGRV D XP
GHVHPSHQKR LQVDWLVIDWyULR VHMD HP WHUPRV JOREDLV VHMD HP WHUPRV GH VXDV SDUWHV 8PD JUDQGH
SDUWH GHVWHV SUREOHPDV GHVGH TXH PHUHoD XPD DQiOLVH PHWyGLFRV LQGLYLGXDOL]DGD SRGHUi VHU
UHVROYLGD
$ SUiWLFD SURILVVLRQDO GD DQiOLVH GHVVHV SUREOHPDV QR HQWDQWR WHP VLGR PXLWDV YH]HV
FDUDFWHUL]DGD SHOD IDOWD GH XPD PHWRGRORJLD XQLYHUVDOPHQWH DFHLWD 6mR DV LQWXLo}HV SHVVRDLV
IXQGDPHQWDGDV QD H[SHULrQFLD TXH SUHYDOHFHP H QmR SRGHP VHU WUDQVPLWLGDV 0XLWDV YH]HV p D
KDELOLGDGH TXH SUHYDOHFH QR OXJDU Gy PpWRGR $ KDELOLGDGH H D DUWH QD 3DWRORJLD GDV &RQVWUXo}HV
QmR SRGHP VHU H[SUHVVDV H VLP QR Pi[LPR WUDQVPLWLGDV D SHVVRDV UHFHSWLYDV QR WUDWR SHVVRDO
2 PXQGR GD KDELOLGDGH H R PXQGR GD FLrQFLD VmR PXQGRV GLIHUHQWHV FXMD IURQWHLUD QmR H
VXILFLHQWHPHQWH GHILQLGD $R FRQWUiULR DV IURQWHLUDV GD FLrQFLD VHPSUH PDLV LQYDGHP R WHUUHQR GD
KDELOLGDGH &RP LVVR QR HQWDQWR D KDELOLGDGH QmR p VXSULPLGD DSHQDV DGTXLUH QRYRV KRUL]RQWHV
6HPSUH TXH SXGHU VHU VXEVWLWXtGD SHOR PpWRGR GHYH VHU GHL[DGD GH ODGR D KDELOLGDGH SHVVRDO
LQWXLWLYD TXH QDWXUDOPHQWH VH HQJDQD PXLWDV YH]HV
$ FLrQFLD UHTXHU XP SHQVDPHQWR FRQFHLWXDO SDVVtYHO GH FRPXQLFDomR 6RPHQWH QD PHGLGD HP TXH
VH WHQKD UHVROYLGR XP SHQVDPHQWR GHVWH WLSR p TXHVH SRGH DOPHMDU HVWDEHOHFHU XPD PHWRGRORJLD
DSOLFiYHO SDUD D UHVROXomR GRV SUREOHPDV SDWROyJLFRV
$LQGD TXH D 3DWRORJLD QmR GHYD VH EDVHDU VRPHQWH QDV LQWXLo}HV SHVVRDLV D HILFLrQFLD QD
UHVROXomR GRV SUREOHPDV H IXQomR GD YLYrQFLD GR WpFQLFR HQYROYLGR 8P SDWRORJLVWD QmR VH
FDUDFWHUL]D SRU WHU XP LQWHOHFWR TXH FRPR XP UHFHSWiFXOR YD]LR VRPHQWH UHFROKH GD H[SHULrQFLD
DOKHLD WXGR TXH SRVVD FROKHU 2 VXFHVVR QD UHVROXomR GRV SUREOHPDV GHSHQGH GR DOFDQFH GD
DEHUWXUD H SOHQLWXGH GD FDSDFLGDGH GR WpFQLFR GH SHUFHEHU H YLYHQFLDU D SUySULD H[SHULrQFLD
$V SHVVRDV VHJXQGR 5D\JDHUWV >@ TXH HVWLYHUHP HVWUHLWDPHQWH OLJDGDV DR SURFHVVR GD FRQVWUXomR
TXH WLYHUHP XPD ERD EDJDJHP GH FRQKHFLPHQWR VREUH D ItVLFD H D TXtPLFD DSOLFDGD DRV PDWHULDLV
GH FRQVWUXomR H TXH IRUHP SRVVXLGRUDV GH XPD ODUJD H[SHULrQFLD YLYHQFLDGD QHVWH FDPSR WrP
FRQGLo}HV GH UHVROYHU D JUDQGH PDLRULD GRV SUREOHPDV SDWROyJLFRV

6RPHQWH RV FDVRV PDLV FRPSOH[RV TXH HQYROYHP FRQKHFLPHQWR HVSHFtILFRV H[LJHP HVSHFLDOLVWDV
HP 3DWRORJLD GDV &RQVWUXo}HV RX DLQGD HVSHFLDOLVWDV HP DOJXP WLSR GH SUREOHPD SDWROyJLFR
4XHP TXHU TXH VHMD R UHVSRQViYHO SHOD UHVROXomR GH XP SUREOHPD GHYHUi SRVVXLU XPD
FRQFHLWXDomR ILUPH GR PpWRGR D VHU HPSUHJDGR H GH FDGD XPD GH VXDV HWDSDV
 $ HVWUXWXUD JHQpULFD GR PpWRGR QD 3DWRORJLD
$ HVWUXWXUD GR PpWRGR JHQpULFR SURSRVWR p IRUPDGR EDVLFDPHQWH SRU WUrV SDUWHV GLVWLQWDV WLQWDV
3DUWH  /HYDQWDPHQWR GH VXEVtGLRV
/HYDQWDU VXEVtGLRV UHSUHVHQWD DFXPXODU H RUJDQL]DU DV LQIRUPDo}HV QHFHVViULDV H VXILFLHQWHV SDUD
R HQWHQGLPHQWR FRPSOHWR GRV IHQ{PHQRV $V LQIRUPDo}HV SRGHP VHU REWLGDV DWUDYpV GH WUrV IRQWHV
EiVLFDV TXDLV VHMDP D YLVWRULD GR ORFDO R OHYDQWDPHQWR GD KLVWyULD GR SUREOHPD H GR HGLItFLR
DQDPQHVH GR FDVR H R UHVXOWDGR GH DQiOLVHV H HQVDLRV FRPSOHPHQWDUHV
3DUWH  'LDJQyVWLFR GD VLWXDomR
2 GLDJQyVWLFR GD VLWXDomR p R HQWHQGLPHQWR GRV IHQ{PHQRV HP WHUPRV GD LGHQWLILFDGDV FLR GDV
P~OWLSODV UHODo}HV GH FDXVD H HIHLWR TXH QRUPDOPHQWH FDUDFWHUL]DP XP SUREOHPD SDWROyJLFR (P
RXWUDV SDODYUDV R REMHWLYR GR GLDJQyVWLFR L HQWHQGHU RV SRUTXHV H RV FRPRV D SDUWLU GH GDGRV
FRQKHFLGRV
3DUWH  'HILQLomR GH FRQGXWD
2 REMHWLYR JHQpULFR GD GHILQLomR GD FR FRQGXWD p SUHVFUHYHU R WUDEDOKR D VHU H[HFXWDGR SDUD
UHVROYHU R SUREOHPD QLVWR LQFOXLQGRVH D GHILQLomR VREUH RV PHLRV PD WHULD@ PLR GH REUD H
HTXLSDPHQWRV H D SUHYLVmR GDV FRQVHTrQFLDV HP WHUPRV GR GHVHPSHQKR ILQDO 3DUD GHILQLU D
FRQGXWD LQLFLDOPHQWH p IHLWR R SURJQyVWLFR GD VLWXDomR RX VHMD VmR OHYDQWDGDV KLSyWHVHV GD
WHQGrQFLD GH HYROXomR IXWXUD GR SUREOHPD H DV DOWHUQDWLYDV GH LQWHUYHQomR DFRPSDQKDGDV GRV
UHVSHFWLYRV SURJQyVWLFRV
 2 SURFHGLPHQWR SUiWLFR H D SURSRVWD GH XP IOX[RJUDPD GH DWXDomR
2 PpWRGR JHQpULFR SURSRVWR Gi RULJHP HP WHUPRV GH DSOLFDomR SUiWLFD D XP SURFHGLPHQWR SDUD
UHVROXomR GH SUREOHPDV
(VWH SURFHGLPHQWR SRGH VHU XWLOL]DGR LQGHSHQGHQWH GR QtYHO GH H[SHULrQFLD GR WpFQLFR H GD
FRPSOH[LGDGH GR SUREOHPD
1R JHUDO R SULPHLUR SDVVR GHQWUR GD IDVH GH OHYDQWDPHQWR GH VXEVtGLRV p D YLVWRULD GR ORFDO
%DVHDGR QD PDQLIHVWDomR GR SUREOHPD R WpFQLFR GLUHFLRQD D UHDOL]DomR GR H[DPH XWLOL]DQGR RV
VHXV VHQWLGRV H GHWHUPLQDGRV LQVWUXPHQWRV HVSHFtILFRV 1HVWH SULPHLUR SDVVR DLQGD VmR UHDOL]DGRV
RV HQVDLRV UiSLGRV GH FDPSR TXH VH IL]HUHP QHFHVViULRV 'HSHQGHQGR GR SUREOHPD H GR WpFQLFR
HQYROYLGR H SRVVtYHO TXH Mi DSyV R H[DPH LQLFLDO VH SRVVD HQWHQGHU R IHQ{PHQR RFRUULGR HP VXD
WRWDOLGDGH (P RXWUDV SDODYUDV HP DOJXPDV VLWXDo}HV Mi VH SRGH ID]HU GLDJQyVWLFR FRP R UHVXOWDGR
GR H[DPH LQLFLDO

1RV FDVRV HP TXH RV VXEVtGLRV REWLGRV QmR VH PRVWUDUHP VXILFLHQWHV R VHJXQGR SDVVR QD SURFXUD
GH LQIRUPDo}HV HVWi UHODFLRQDGR FRP R OHYDQWDPHQWR GD KLVWyULD GR HGLItFLR H GD KLVWyULD GR
SUREOHPD )D]VH SRUWDQWR D DQDPQHVH GD VLWXDomR (VWDV LQIRUPDo}HV SRGHP VHU FRQVHJXLGDV
YHUEDOPHQWH DWUDYpV GH HQTXHWHV FRP WHVWHPXQKDV RX SRGHP HVWDU IRUPDOL]DGDV HP GRFXPHQWRV
FRPR R SURMHWR R GLiULR GH REUD QRWDV ILVFDLV GH PDWHULDLV H FRPSRQHQWHV H DVVLP SRU GLDQWH
0DLV XPD YH] GH SRVVH GHVWHV QRYRV VXEVtGLRV R WpFQLFR GHYH GHILQLU VH HVWi SUHSDUDGR SDUD
HVWDEHOHFHU R GLDJQyVWLFR GR SUREOHPD 8PD YH] TXH QmR VHMDP VXILFLHQWHV DV LQIRUPDo}HV REWLGDV
ID]VH QHFHVViULD D XWLOL]DomR GH DQiOLVH H HQ VDLRV FRPSOHPHQWDUHV $ HVSHFLILFDomR GRV WLSRV GH
HQVDLRV p IXQomR GD QDWXUH]D GR SUREOHPD H QRUPDOPHQWH HVWHV HQVDLRV VmR GLUHFLRQDGRV QR
VHQWLGR GH GLULPLU DOJXPD G~YLGD HVSHFtILFD GR WpFQLFR
8PD YH] TXH D 3DWRORJLD GDV &RQVWUXo}HV DLQGD QmR VH FRQVROLGRX LQWHLUDPHQWH HQTXDQWR FLrQFLD
H[LVWLUmR FDVRV HP TXH PHVPR VHQGR VXILFLHQWHPHQWH FDSD] H WHQGR SHUFRUULGR WRGRV RV SDVVRV
SUHVFULWRV SDUD R OHYDQWDPHQWR GH VXEVtGLRV R WpFQLFR QmR FRQVHJXH GLDJQRVWLFDU 1RV FDVRV HP
TXH VH WUDWDU GH OLPLWDo}HV QR FRQKHFLPHQWR GR WpFQLFR ID]VH QHFHVViULD XPD SURIXQGD SHVTXLVD
ELEOLRJUiILFD 3RU RXWUR ODGR QRV FDVRVGH IURQWHLUD GR FRQKHFLPHQWR FROHWLYR D ~QLFD DOWHUQDWLYD p
D SHVTXLVD WHFQROyJLFD RX FLHQWtILFD
1D JUDQGH PDLRULD GRV FDVRV FRQWXGR DV LQIRUPDo}HV OHYDQWDGDV VmR VXILFLHQWHV SDUD TXH VH
FRQVLJD GLDJQRVWLFDU D VLWXDomR $WUDYpV GR GLDJQyVWLFR VmR LGHQWLILFDGDV DV RULJHQV GR SUREOHPD
VXDV FDXVDV SUHFLVDV RV IHQ{PHQRV LQWHUYHQLHQWHV H VHXV PHFDQLVPRV GH RFRUUrQFLD
(QWHQGLGD D VLWXDomR R WpFQLFR HVWi FDSDFLWDGR D GHILQLU D FRQGXWD D VHU VHJXLGD FRP UHODomR DR
SUREOHPD (VWD IDVH GH GHILQLomR GHYH VHU FRQGX]LGD LQLFLDOPHQWH SHOR OHYDQWDPHQWR GDV
DOWHUQDWLYDV GH HYROXomR IXWXUD GRV IHQ{PHQRV &RP R SURJQyVWLFR HVWDEHOHFLGR R WpFQLFR VH
GHILQH SRU XPD GDV DOWHUQDWLYDV HVWXGDGDV VHPSUH EDVHDGR QD UHODomR FXVWREHQHItFLR GH FDGD
XPD GHODV
$ DOWHUQDWLYD GHILQLGD SRGH UHTXHUHU DOJXP WLSR GH LQWHUYHQomR RX QmR 1RUPDOPHQWH WH D GHFLVmR
SRU QmR LQWHUYLU VLJQLILFD D DFHLWDomR GH XP GHVHPSHQKR LQVDWLVIDWyULR ULR HP YLVWD GR FXVWR GH XPD
HYHQWXDO WHUDSLD
$ LQWHUYHQomR RX D WHUDSLD UHTXHULGD QRUPD @PHQWH WLQL WHFQRORJLD GRPLQDGD SRGHQGR SRUWDQWR VHU
DSOLFDGD QR FDVR ([LVWHP VLWXDo}HV QR HQWDQWR  HP TXH QmR VH GLVS}H GD WHFQRORJLD QHFHVViULD
UHVWDQGR D QHFHVVLGDGH GH SHVTXLViOD H GHVHQYROYrOD
2 SURFHVVR VH HQFHUUD FRP D H[HFXomR GRV VHUYLoRV SUHVFULWRV TXDQGR QHFHVViULR H FRP R
UHJLVWUR GR FDVR (VWH UHJLVWUR ( IHLWR FRP D ILQDOLGDGH GH PDQWHU IRUPDOL]DGD D KLVWyULD GD REUD
SDUD SRVVtYHLV QRYDV LQWHUYHQo}HV H SULQFLSDOPHQWH SDUD D GLYXOJDomR GR FRQKHFLPHQWR DGTXLULGR
QD UHVROXomR GR SUREOHPD
$ ILJXUD  UHSUHVHQWD XPD SURSRVWD GH IOX[RJUDPD GH DWXDomR EDVHDGD QD SURSRVWD SRU +HOHQH >
H TXH FRQWHPSOD R SURFHGLPHQWR GHVFULWR
&DGD XP GRV SDVVRV FLWDGRV GR SURFHGLPHQWR SURSRVWR GHYH VHU UHDOL]DGR VHJXQGR GH WHUPLQDGRV
SDUkPHWURV H DWHQGHQGR D GHWHUPLQDGRV FXLGDGRV SDUD FRQVHJXLU DWLQJLU VHXV REMHWLYRV 3DVVDPRV
D VHJXLU DR HVWXGR GH FDGD XP GHVWHV SDVVRV HP SDUWLFXODU

 2 /(9$17$0(172 '( 68%6',26 3$5$ 2 (17(1',0(172 '2 352%/(0$


 $ PDQLIHVWDomR GRBSUREOHPD D TXHL[D GR XVXiULR H D LQVSHomR SHULyGLFD
&RQIRUPH DQDOLVDGR DQWHULRUPHQWH WRGRV HGLItFLRV WrP GHWHUPLQDGDV FDUDFWHUtVWLFDV TXH RV ID]HP
UHDJLU LQGLYLGXDOPHQWH DV FRQGLo}HV GH H[SRVLomR D TXH HVWLR VXE PHWLGRV (TXLYDOH GL]HU TXH R
FRQMXQWR GH DJHQWHV DJUHVVLYRV TXH DWXDP VREUH FDGD HGLILFLR LQWHUDJH FRP HVWH SURGX]LQGR XP
OHTXH GH IHQ{PHQRV ItVLFRV TXtPLFRV H ELROyJLFRV $OJXQV IHQ{PHQRV TXH RFRUUHP QR HGLItFLR
SRGHP SURYRFDU XPD TXHGD GR VHX GHVHPSHQKR FRQILJXUDQGRVH RV SUREOHPDV SDWROyJLFRV
7RGR SUREOHPD SDWROyJLFR HVWDQGR UHODFLRQDGR SRU GHILQLomR FRP XPD TXHGD GH GHVHPSHQKR VH
PDQLIHVWD GH DOJXPD IRUPD &RQFHLWXDPRV VLQWRPD GR SUREOHPD SDWROyJLFR FRPR HVWD
PDQLIHVWDomR GD TXHGD GR GHVHPSHQKR 3RU VLQWRPDWRORJLD VH HQWHQGH R TXDGUR JHUDO GH VLQWRPDV
SUHVHQWHV HP GHWHUPLQDGD IDVH GR SUREOHPD
2 SUREOHPD SDWROyJLFR QmR PHUHFH DQiOLVH VRPHQWH TXDQGR R GHVHPSHQKR Mi HVWLYHU LQVDWLVIDWyULR
RX HP RXWUDV SDODYUDV TXDQGR H[LVWLU XPD VLQWRPDWRORJLD FDUDFWHUtVWLFDV 6H LPDJLQDUPRV XP
HGLItFLR FRP XP GHVHPSHQKR VDWLVIDWyULR DLQGD DVVLP QmR SRGHPRV VDEHU VH HP DOJXP PDWHULDO
RXFRPSRQHQWH Mi QmR H[LVWDP DOWHUDo}HV HQTXDGUiYHLV QR TXH VH FKDPD GH SHUtRGR
SUpSDWRJrQLFR GR SUREOHPD
1R SHUtRGR SUpSDWRJrQLFR RFRUUHP LQWHUDo}HV GRV DJHQWHV DJUHVVLYRV GR PHLR DPELHQWH FRP R
HGLItFLR VHP TXH VXUMDP PDQLIHVWDo}HV SHUFHSWtYHLV SHOR XVXiULR RX PHVPR SHOR SURILVVLRQDO
2 SHUtRGR SDWRJrQLFR p FDUDFWHUL]DGR QR LQLFLR SHOR DSDUHFLPHQWR GDV SULPHLUDV PDQLIHVWDo}HV
SHUFHSWtYHLV RV VLQWRPDV TXH LUmR HYROXLU GH DFRUGR FRP R WLSR GH DJUHVVmR FRP DV
FDUDFWHUtVWLFDV GR HGLItFLR H FRP GLYHUVRV RXWURV IDWRUHV
e HYLGHQWH TXH VHULD GHVHMiYHO LGHQWLILFDU R SUREOHPD HP VHX SHUtRGR SUpSDWRJrQLFR TXDQGR D
SRVVLELOLGDGH GH UHVROXomR p VHPSUH PXLWR JUDQGH 2FRUUH QR HQWDQWR TXH SHOD DXVrQFLD GH
PDQLIHVWDo}HV SHUFHSWtYHLV LVWR VH WRUQD QD SUiWLFD PXLWR GLItFLO
&RQVHTXHQWHPHQWH D PHOKRU RSRUWXQLGDGH GH GHWHFomR H UHVROXomR GH XP SUREOHPD j D IDVH
LQLFLDO GR SHUtRGR SDWRJrQLFR RQGH Mi H[LVWHP PDQLIHVWDo}HV SHUFHSWtYHLV GDV DOWHUDo}HV GH
GHVHPSHQKR SRUpP QRUPDOPHQWH GH FDUiWHU VXSHUILFLDO H UHYHUVtYHO
2V VLQWRPDV GRV SUREOHPDV SDWROyJLFRV SRGHP VHU OHYDQWDGRV SHOR SUySULR XVXiULR RX SRU WpFQLFRV
HVSHFLDOPHQWH HQFDUUHJDGRV GD LQVSHomR SHULyGLFD GDV FRQVWUXo}HV
1RUPDOPHQWH DV REVHUYDo}HV GR XVXiULR SRU QmR WHUHP ULJRU WpFQLFR QmR VmR LQGLFDGRUHV
FRQFOXVLYRV GD H[LVWrQFLD H GD H[WHQVmR GR SUREOHPD SDWROyJLFR SDUD HIHLWRV WpFQLFRV DV
REVHUYDo}HV GR XVXiULR VLJQLILFDP D RFRUUrQFLD GH IHQ{PHQRV WtSLFRV H FRORFDP D FRQVWUXomR VRE
VXVSHLWD GH GHVHPSHQKR LQVDWLVIDWyULR
2 SUREOHPD SRGH VHU PDLV SUHFLVDPHQWH OHYDQWDGR GXUDQWH XPD LQVSHomR SHULyGLFD QXP FRQWH[WR
GD PDQXWHQomR URWLQHLUD GR HGLItFLR (VWD LQFOXVLYH p XPD GDV UD]}HV GHVWDV LQVSHo}HV SHULyGLFDV
VHUHP DOWDPHQWH UHFRPHQGiYHLV >@ 1HVWHV FDVRV QRUPDOPHQWH D H[LVWrQFLD GR SUREOHPD
SDWROyJLFR p FRQVWDWDGD LPHGLDWDPHQWH SDVVDQGRVH SDUD D IDVH VHJXLQWH GR SURFHGLPHQWR
JHQpULFR TXH p D GH OHYDQWDPHQWR GH VXEVtGLRV SDUD D UHVROXomR GR SUREOHPD

 $ YLVWRULD GR ORFDO D XWLOL]DomR GH LQVWUXPHQWRV H D RUJDQL]DomR GRV UHVXOWDGRV


8P GHWHUPLQDGR XVXiULR HVWDQGR LQVDWLVIHLWR FRP R GHVHPSHQKR GR VHX HGLILFLR SURFXUD XP
SURILVVLRQDO FRP R LQWXLWR GH WHQWDU UHVROYHU R SUREOHPD (P RXWUD KLSyWHVH GHQWUR GH XP SURJUDPD
GH PDQXWHQomR URWLQHLUD FRQVWDWDVH D H[LVWrQFLD GR SUREOHPD SDWROyJLFR HP XPD LQVSHomR
UHDOL]DGD SRU XP WpFQLFR
$ SDUWLU GD TXHL[D GR XVXiULR RX GDV LQGLFDo}HV GR WpFQLFR UHVSRQViYHO SHOD LQVSHomR R
SURILVVLRQDO LQLFLD R SURFHVVR GH HOLPLQDomR GR SUREOHPD 2 SURFHGLPHQWR JHUDO FRQIRUPH
VDOLHQWDGR DQWHULRUPHQWH VH LQLFLD SHOD IDVH GH OHYDQWDPHQWR GR PDLRU Q~PHUR SRVVtYHO GH
LQIRUPDo}HV TXH SRVVDP VH PRVWUDU ~WHLV SDUD R GLDJQyVWLFR GD VLWXDomR H SRVWHULRU UHVROXomR GR
SUREOHPD
'HQWUR GD IDVH GH OHYDQWDPHQWR GH 68%6',26 FRQFHLWXDPRV D YLVWRULD GR ORFDO FR PR R SURFHVVR
HP TXH R SURILVVLRQDO VH DSUR[LPD ILVLFDPHQWH GR HGLILFLR H HP SDUWLFXODU GR GHIHLWR HVSHFLILFR H
SURFXUD DWUDYpV GH H[DPH PLQXFLRVR SHVTXLVDU R PDLRU Q~PHUR SRVVtYHO GH LQIRUPDo}HV D SDUWLU
GHVWD SRVVLELOLGDGH GH FRQWD WR ItVLFR >@
2 SURFHGLPHQWR EiVLFR SDUD D UHDOL]DomR GD YLVWRULD GR ORFDO TXH VHUi DQDOLVDGR QR SUHVHQWH LWHP
SUHVVXS}H XQLD PHWRGRORJLD REMHWLYD H JHQpULFD TXH GLUHFLRQH R OHYDQWDPHQWR GH GDGRV (VWH
GLUHFLRQDPHQWR QR HQWDQWR QmR SRGH VHU DGRWDGR FR DR XPD UHJUD LPXWiYHO VHQGR UHFRPHQGiYHO
XPD SRVWXUD GH FRQWLQXD DGDSWDomR j LQGLYLGXDOLGDGH GH FDGD FDVR
$OJXQV SDVVRV SRGHP VHU FLWDGRV SRU FRQVWLWXtUHP HVTXHOHWR EiVLFR SDUD D YLVWRULD GR SUREOHPD
SDWROyJLFR

'HWHUPLQDomR GD H[LVWrQFLD H GD JUDYLGDGH GR SUREOHPD SDWROyJLFR

'HILQLomR GD H[WHQVmR H GR DOFDQFH GR H[DPH

&DUDFWHUL]DomR GRV PDWHULDLV H GD SDWRORJLD

8WLOL]DomR GRV VHQWLGRV KXPDQRV


8WLOL]DomR GH LQVWUXPHQWRV

5HJLVWUR GRV UHVXOWDGRV

'HWHUPLQDomR GD H[LVWrQFLD H GD JUDYLGDGH GR SUREOHPD SDWROyJLFR

$ GHWHUPLQDomR GD H[LVWrQFLD GR SUREOHPD SDWROyJLFR p IHLWDaSHOD FRPSDUDomR TXDOLWDWLYD QR FDVR


JHUDO HQWUH R GHVHPSHQKR H[LJtYHO GR HGLILFLR RX GH SDUWH H R GHVHPSHQKR HQFRQWUDGR $ PDLRULD
GRV SUREOHPDV SDWROyJLFRV DSUHVHQWD XPD VLQWRPDWRORJLD TXH WRUQD LPHGLDWD D FRQVWDWDomR GD
H[LVWrQFLD GR SUREOHPD
([LVWHP VLWXDo}HV QR HQWDQWR HP TXH D FRPSURYDomR GD H[LVWrQFLD GR SUREOHPD SDWROyJLFR QmR p
LPHGLDWD (VWDV VLWXDo}HV QRUPDOPHQWH HVWLR UHODFLRQDGDV FRP SUREOHPDV SDWROyJLFRV TXH QmR
SURYRFDP DOWHUDo}HV QRV PDWHULDLV (VWH p R FDVR SRU H[HPSOR GD IDOWD GH FRQIRUWR KLJURPrWULFR
RQGH DOJXPDV YH]HV R FDPLQKR SRGH WHU GH VHU D XWLOL]DomR GH PRGHORV ItVLFRV H PDWHPiWLFRV GR
GHVHPSHQKR GR HGLItFLR D SDUWLU GDV SURSULHGDGHV GRV PDWHULDLV H FRPSRQHQWHV FRQVWLWXLQWHV >@

'HILQLGD D H[LVWrQFLD GR SUREOHPD SDVVDVH j DYDOLDomR GH VXD JUDYLGDGH 2 OHYDQWDPHQWR GD


JUDYLGDGH GD VLWXDomR OHYD HP FRQWD EDVLFDPHQWH D H[LVWrQFLD GH ULVFR TXDQWR j VHJXUDQoD GR
XVXiULR 4XDQGR KRXYHU SRUH[HPSOR R ULVFR GH FRODSVRGD HVWUXWXUD SRGHVH DSHODU SDUD XP
HVFRUDPHQWR DGHTXDGR
2 HVFRUDPHQWR RX TXDOTXHU RXWUD PHGLGD GH SURWHomR GR XVXiULR DOpP GD IXQomR yEYLD GH HYLWDU
ULVFRV SURSRUFLRQD R WHPSR VXILFLHQWH SDUD TXH D YLVWRULD SRVVD VHU H[HFXWDGD FRP RV GHYLGRV
FXLGDGRV

'HILQLomR GD H[WHQVmR H GR DOFDQFH GR H[DPH

$ GHWHUPLQDomR GD H[WHQVmR H GR DOFDQFH GR H[DPH WHP FRPR FRQGLFLRQDQWH EiVLFR R JUDX GH


HVSUDLDPHQWR GRV VLQWRPDV QR HGLItFLR 8P SUREOHPD SDWROyJLFR TXH DSUHVHQWH VLQWRPDV
HVSUDLDGRV SRU WRGR R HGLItFLR VLJQLILFD D QHFHVVLGDGH GR H[DPH PLQXFLRVR GH WRGR R HGLItFLR 3RU
RXWUR ODGR QRV FDVRV GH VLQWRPDV ORFDOL]DGRV p QR SURFHVVR GH YLVWRULD TXH VH GHILQH D
DEUDQJrQFLD GR H[DPH 2 FULWpULR SDUD HVWD GHFLVmR H[DPH GD SDUWH [ H[DPH GR WRGR HVWi
UHODFLRQDGR GLUHWDPHQWH FRP D VXILFLrQFLD GDV LQIRUPDo}HV SDUD D HODERUDomR GR GLDJQyVWLFR
1RV FDVRV HP TXH VH PRVWUDU UHFRPHQGiYHO R H[DPH PLQXFLRVR GH WRGR R HGLItFLR R URWHLUR GH
YLVWRULD p SUHYLDPHQWH HVWDEHOHFLGR D SDUWLU GH DOJXPD PHWRGRORJLD EiVLFD $ WtWXOR GH H[HPSOR
SRGHPRV FLWDU D PHWRGRORJLD SURSRVWD SRU 0HOYLOOH  *RUGRQ >@
2 H[DPH FRPHoD QR SLVR VXSHULRU GR HGLItFLR FDGD F{PRGR VHQGR YLVLWDGR REHGHFHQGRVH XP
VHQWLGR GH FDPLQKDPHQWR SUHYLDPHQWHHVWDEHOHFLGR KRUiULR RX DQWLKRUiULR  5HSHWHVH R PHVPR
SURFHVVR HP WRGRV RV DQGDUHV DWp TXH VH FKHJXH DR SLVR LQIHULRU &RQFOXLGD D LQVSHomR GR LQWHULRU
GR HGLItFLR R WpFQLFR FRPHoD R H[DPH GR VHX H[WHULRU WRPDQGR FDGD HOHYDomR FRP D UHVSHFWLYD
iJXD GR WHOKDGR QRPHVPR VHQWLGR GH FDPLQKDPHQWR GR H[DPH LQWHUQR 
e SRVVtYHO TXH PHVPR WHQGR VLGR H[DPLQDGR WRGR R HGLItFLR RV VXEVtGLRV FROHWDGRV QmR VH
PRVWUHP VXILFLHQWHV 1HVWHV FDVRV SRGH VHU QHFHVViULR R H[DPH GDV FLUFXQYL]LQKDQoDV 3RGH VHU
SURGXWLYD SRU H[HPSOR D DQDOLVH GH FDVDV YL]LQKDV VHPHOKDQWHV SDUD YHULILFDU D H[LVWrQFLD GRV
PHVPRV SUREOHPDV SRVVLYHOPHQWH HP GLIHUHQWHV HVWiJLRV GH HYROXomR $OpP GLVVR SRGHP VHU
QHFHVViULRV GDGRV VREUH D WRSRJUDILD GD iUHD VXD YHJHWDomR R SRVLFLRQDPHQWR GR OHQoRO IUHiWLFR
DV FDUDFWHUtVWLFDV GR VROR D H[LVWrQFLD GH DWHUURV H DVVLP SRU GLDQWH

&DUDFWHUL]DomR GRV 0DWHULDLV H GD 3DWRORJLD

7HUPLQDGD D IDVH TXH SRGH VHU GHQRPLQDGD GH GHOLPLWDomR H SODQHMDPHQWR GD YLVWRULD SDVVDVH DR
OHYDQWDPHQWR GH VXEVtGLRV SURSULDPHQWH GLWR $ WpFQLFD SDVVtYHO GH VHU XWLOL]DGD p IXQomR GRV
LQVWUXPHQWRV GLVSRQtYHLV
2V LQVWUXPHQWRV HVVHQFLDLV HP WRGRV RV FDVRV VmR RV FLQFR VHQWLGRV KXPDQRV 3RU PDLRU TXH VHMD
D KDELOLGDGH QD XWLOL]DomR GH HTXLSDPHQWRV RV VHQWLGRV KXPDQRV DSUHVHQWDP SDUD R WpFQLFR D
UHDOLGDGH VHP LQWHUPHGLDomR $OpP GD YLVmR H GD DXGLomR TXH REYLDPHQWH QHFHVViULDV PXLWDV
YH]HV R WDWR R ROIDWR H PHVPR R SDODGDU VmR LPSUHVFLQGtYHLV
2V HTXLSDPHQWRV VHUYHP GH FRPSOHPHQWR D YHUVDWLELOLGDGH KXPDQD TXDQWLILFDQGR DV LPSUHVV}HV
8P HTXLSDPHQWR TXDQGR EHP XWLOL]DGR p XPD HVSpFLH GH SURORQJDPHQWR GD FDSDFLGDGH GR
WpFQLFR GH DSUHHQGHU D UHDOLGDGH 2V VHQWLGRV KXPDQRV H RV HTXLSDPHQWRV WrP RV VHXV
UHVSHFWLYRV FDPSRV GH DWXDomR H OLPLWDo}HV  VHQGR UHFRPHQGiYHO D KDUPRQL]DomR GH VHX XVR

2 &67& &HQWUH 6FLHQWLILTXH HW 7HFKQLTXH GH OD &RQVWUXFWLRQ SURS{V XPD UHODomR GH DSDUHOKRV


TXH VHJXQGR 5H\JDHUWV >@ VmR VXILFLHQWHV SDUD H[DPLQDU D JUDQGH PDLRULD GRV SUREOHPDV
SDWROyJLFR 6mR HOHV

1tYHO G
iJXD

)LR GH SUXPR

5pJXD H PHWUR SUHFLVRV

+LGU{PHWUR HOpWULFR

3VLFU{PHWUR GR WLSR WHUP{PHWUR ~PLGR H VHFR 

7HUP{PHWUR GH FRQWDWR

3DF{PHWUR

3DSHO LQGLFDGR GH 3+

'LODW{PHWUR

7HVWHPXQKDV GH PHWDO RX YLGUR

(QGRVFySLR

/XSD JUDGXDGD

$OpP GHVVHV LQVWUXPHQWRV RXWURV LJXDOPHQWH VLPSOHV H GH SHTXHQDV GLPHQV}HV SRGH ULDP VHU
DFUHVFHQWDGRV 0DLV GR TXH D UHODomR HVSHFtILFD GH DSDUHOKRV p LQWHUHVVDQWH D LGpLD GH MXQWDU
WRGRV QXP Vy FRQMXQWR TXH SRGH VHU OHYDGR HP XPD PDOHWD H p VXILFLHQWH SDUD D JUDQGH PDLRULD
GRV SUREOHPDV

5HJLVWUR GRV UHVXOWDGRV

$ WpFQLFD H D PHWRGRORJLD GH UHJLVWUR H RUJDQL]DomR GRV VXEVtGLRV FROHWDGRV p GH IXQGDPHQWDO


LPSRUWkQFLD SDUD VXD XWLOL]DomR QD IRUPXODomR GR GLDJQyVWLFR (V WH UHJLVWUR SRGH VHU IHLWR
PDQXDOPHQWH DWUDYpV GH FURTXLV HRX LQGLFDo}HV QDV SODQWDV H HOHYDo}HV RX SRGH VHU IHLWR DWUDYpV
GH UHJLVWURV SHUPDQHQWHV FRPR ILWDV FDVVHWHV RX IRWRJUDILDV
 $ DQDPQHVH GR FDVR DV LQIRUPDo}HV IRUPDOL]DGDV H DV LQIRUPDo}HV RUDLV
'DGR TXH H[LVWD R SUREOHPD SDWROyJLFR H GDGR TXH R SURILVVLRQDO RX JUXSR GH SURILVVLRQDLV QmR
WHQKD FRQVHJXLGR GLDJQRVWLFiOR DSHQDV DWUDYpV GD YLVWRULD GR ORFDO SDVVDVH L IDVH GH
OHYDQWDPHQWR GH 68%6',26 SDUD R HQWHQGLPHQWR GD KLVWyULD GR SUREOHPD 1mR DSHQDV D KLVWyULD
GR SUREOHPD DWXDO PDV D SUySULD KLVWyULD GR HGLILFLR
2 WHUPR DQDPQHVH WHP RULJHP JUHJD H VLJQLILFD UHFRUGDU e HQWHQGLGD FRPR D DWLYLGDGH GH
OHYDQWDPHQWR GD KLVWyULD HYROXWLYD GR SUREOHPD GHVGH VXDV PDQLIHVWDo}HV LQLFLDLV RX SUHFXUVRUDV
DWp R HVWiJLR GH HYROXomR GR PRPHQWR GR H[DPH 6mR LQFOXtGDV DOpP GDV LQIRUPDo}HV D UHVSHLWR

GD HYROXomR GR SUREOHPD DTXHODV UHIHUHQWHV j GHVFULomR GD YLGD GR HGLItFLR RX VHMD R TXDGUR JHUDO
GR VHX GHVHPSHQKR DR ORQJR GR WHPSR 4XDQGR IRU R FDVR SRGHP VHU QHFHVViULDV DV LQIRUPDo}HV
UHIHUHQWHV j YDULDomR GDV FRQGLo}HV GH H[SRVLomR D TXH HVWHYH VXEPHWLGR R HGLItFLR
$V LQIRUPDo}HV SRGHP VHU REWLGDV DWUDYpV GH GXDV IRQWHV EiVLFDV

,QYHVWLJDomR FRP SHVVRDV HQYROYLGDV FRP D FRQVWUXomR

$QiOLVH GH GRFXPHQWRV IRUPDOL]DGRV

,QYHVWLJDomR FRP SHVVRDV HQYROYLGDV FRP D FRQVWUXomR

'XUDQWH D SUySULD YLVWRULD LQLFLDO GR HGLItFLR GLYHUVDV LQIRUPDo}HV RUDLV SRGHP VHU REWLGDV MXQWR DR
XVXiULR $OpP GHVWH H GHSHQGHQGR GD QHFHVVLGDGH SRGHP VHU SURFXUDGRV RV YL]LQKRV R SURPRWRU
GR HPSUHHQGLPHQWR R SURMHWLVWD R FRQVWUXWRU RV IDEULFDQWHV GH PDWHULDLV H DVVLP SRU GLDQWH
$ QHFHVVLGDGH GH HQWUHYLVWDU SHVVRDV FRP HQYROYLPHQWRV GLIHUHQWHV FRP D FRQVWUXomR H FRP
FRQKHFLPHQWRV WpFQLFRV RV PDLV GLVSDUHV SURYRFD D QHFHVVLGDGH GR GHVHQYROYLPHQWR GH XPD
FHUWD WpFQLFD GH LQWHUURJDWyULR 3DFLrQFLD FODUH]D H KDELOLGDGH VmR VHPSUH QHFHVViULRV
$ HQWUHYLVWD SRGH QmR VHU D PHVPD TXDOTXHU TXH VHMD R LQWHUORFXWRU PDV DOJXPDV SHUJXQWDV
SRGHP VH UHSHWLU 5D\JDHUWV >@ SURS}H DV VHJXLQWHV LQGDJDo}HV EiVLFDV

4XDQGR IRUDP FRQVWDWDGRV RV VLQWRPDV SHOD SULPHLUD YH] H GH TXH IRUPD"

(OHV Mi IRUDP REMHWR GH LQWHUYHQo}HV VH VLP TXDLV H FRP TXH UHVXOWDGRV"

1R GHFRUUHU GD FRQVWUXomR IRUDP IHLWDV PRGLILFDo}HV QR SURMHWR QD H[HFXomR RX QD HVFROKD


GRV PDWHULDLV"

)RUDP WRPDGDV DV PHGLGDV QHFHVViULDV TXDQWR j PDQXWHQomR H OLPSH]D"

$OpP GHVWDV LQGDJDo}HV EiVLFDV RXWUDV TXHVW}HV WDPEpP VmR LPSRUWDQWHV H SRGHP VHU IHLWDV DR
XVXiULR GR HGLItFLR

4XDQGR R XVXiULR QRWRX SHOD SULPHLUD YH] R SUREOHPD H TXDQGR HOH UHVROYHX LQWHUYLU"

R XVXiULR VH UHFRUGD GH DOJXP IDWR TXH SRVVD HVWDU OLJDGR DR DSDUHFLPHQWR GR SUREOHPD"

2FRUUHP HSLVyGLRV GH H[DFHUEDomR RX UHPLVVmR GRV VLQWRPDV"

&RPR HUDP DV FRQGLo}HV FOLPiWLFRV TXDQGR R SUREOHPD IRL QRWDGR H TXDQGR R XVXiULR UHVROYHX
LQWHUYLU"
6mR HVWHV DSHQDV DOJXQV H[HPSORV GH SHUJXQWDV EDVWDQWH FRPXQV SRUpP FDGD FDVR GHWHUPLQD D
FRQGXomR GR LQWHUURJDWyULR FRQIRUPH VXDV FDUDFWHUtVWLFDV SUySULDV
(P TXDOTXHU FDVR D YHORUL]DomR GH WRGDV DV LQIRUPDo}HV RUDLV REWLGDV p EDVWDQWH SUREOHPiWLFD
>@ (P SULPHLUR OXJDU DV SHVVRDV VRPHQWH SRGHP VH UHSRUWDU D SULPHLUD YH] TXH QRWDUDP RV
VLQWRPDV R TXH HYHQWXDOPHQWH SRGH QmR FRLQFLGLU FRP R VHX VXUJLPHQWR 3RU RXWUR ODGR
LQIRUPDo}HV RUDLV LPSRUWDQWHV SRGHP VHU RPLWLGDV RX PHVPR GLVWRUFLGDV SULQFLSDOPHQWH QRV FDVRV

HP TXH KRXYHU GLVSXWD H R LQIRUPDQWH HVWLYHU GHIHQGHQGR VHXV LQWHUHVVHV 2 FRQVWUXWRU SRU
H[HPSOR TXH XWLOL]RX PDWHULDO GH TXDOLGDGH LQIHULRU DR HVSHFLILFDGR QR SURMHWR SRGH WHPHQGR
UHDo}HV WHQWDU RFXOWDU WDO IDWR 8PD YH] TXH GHWHUPLQDGDV LQIRUPDo}HV VH PRVWUDUHP
VLJQLILFDWLYDV VXD FRQILUPDomR DWUDYpV GH RXWUDV IRQWHV SRGH VHU UHFRPHQGiYHO

$QiOLVH GH GRFXPHQWRV IRUPDOL]DGRV

$V LQIRUPDo}HV REWLGDV RUDOPHQWH QmR IRUQHFHP QD JUDQGH PDLRULD GRV FDVR V XP TXDGUR
VXILFLHQWHPHQWH DPSOR H FRQILiYHO SDUD R HVWDEHOHFLPHQWR GD DQDPQHVH GR FDVR 1RUPDOPHQWH p
QHFHVViULD D XWLOL]DomR GH IRQWHV GRFXPHQWDGDV FXMD YHUDFLGDGH SRVVD VHU FRORFDGD IRUD GH
TXHVWmR 'HQWUH HVWDV IRQWHV GLWDV IRUPDOL]DGDV D IRQWH SULQFLSDO GH LQIRUPDo}HV H DTXHOD TXH
DFRPSDQKD R WpFQLFR GXUDQWH WRGR R SURFHVVR GR GLDJQyVWLFR p R SURMHWR 2 SURMHWR HQWHQGLGR QmR
VRPHQWH FRPR DV SODQWDV GH FRQFHSomR PDV WDPEpP R SURMHWR H[HFXWLYR R PHPRULDO RV FDGHUQRV
GH HQFDUJRV DV HVSHFLILFDo}HV GH PDWHULDLV RV PDQXDLV GH H[HFXomR H 862 (QILP WRGDV DV
LQGLFDo}HV TXH R UHVSRQViYHO SHOD H[HFXomR S{GH FRQWDU SDUD D &RQVWUXomR GD REUD H TXH R
XVXiULR S{GH FRQWDU SDUD RSHUDU VXD SURSULHGDGH
8PD GLVWLQomR PXLWR LPSRUWDQWH GHYH VHU IHLWD HQWUH R SURMHWR FRPR SURMHWDGR H R SURMHWR FRPR
FRQVWUXtGR  0XLWDV YH]HV DFRQWHFHP GXUDQWH D H[HFXomR YDULDo}HV HP UHODomR DR SURMHWR
YDULDo}HV HVWDV QmR UHJLVWUDGDV
2V GRFXPHQWRV SRU VHX WXUQR SURGX]LGRV GXUDQWH D SUySULD H[HFXomR GD REUD WDPEpP VmR IRQWHV
EDVWDQWH LPSRUWDQWHV $ UHDOLGDGH WHP PRVWUDGR TXH MXVWDPHQWH RV HGLItFLRV FRP PDLRUHV
SUREOHPDV SDWROyJLFRV VmR RV TXH SRVVXHP PHQRU TXDQWLGDGH H TXDOLGDGH GH GRFXPHQWRV TXH
SRVVDP VHU D IRQWH SDUD R HVWXGR GHVVHV SUREOHPDV SDWROyJLFRV ,VVR p FRPSUHHQVtYHO XPD YH]
TXH D SUHRFXSDomR FRP D GRFXPHQWDomR GDV GHFLV}HV H GR GLD D GLD UHYHOD XPD SUHRFXSDomR FRP
D RUJDQL]DomR TXH QRUPDOPHQWH VH UHIOHWH QXPD FRQVWUXomR GH PHOKRU TXDOLGDGH
$OJXQV GRFXPHQWRV QR HQWDQWR VmR HQFRQWUDGRV HP PXLWDV
REUDV VHQGR IRQWHV LPSRUWDQWHV
3RGHPRV FLWDU

'LiULR GH REUD

(QVDLRV SDUD UHFHELPHQWR GH PDWHULDLV H FRPSRQHQWHV

1RWDV ILVFDLV GH PDWHULDLV H FRPSRQHQWHV

&RQWUDWRV SDUD H[HFXomR GH VHUYLoRV

&URQRJUDPD ItVLFRILQDQFHLUR SUHYLVWR H H[HFXWDGR

$ KLVWyULD GR XVR QRUPDOPHQWH WHP QD SUiWLFD GRFXPHQWDomR EDVWDQWH PDLV HVSRUiGLFD 1RV
HGLILFLRV TXH VmR FRQVHUYDGRU DWUDYpV GH SURJUDPDV GH PDQXWHQomR URWLQHLUD SRGHVH FRQVXOWDU RV
UHJLVWURV GDV LQWHUYHQo}HV UHDOL]DGDV 2FRUUH TXH DLQGD QmR VH GLVVHPLQRX DPSODPHQWH D
DSOLFDomR GHVWHV SURJUDPDV H R TXH VH REWpP QRUPDOPHQWH VmR GRFXPHQWRV D UHVSHLWR GR XVR DR
ORQJR GR WHPSR GDV PDTXLQDV H HTXLSDPHQWRV GR HGLILFLR FRPR RV HOHYDGRUHV R VLVWHPD GH
DTXHFLPHQWR H RXWURV
)LQDOPHQWH DOpP GDV LQIRUPDo}HV RUDLV H IRUPDOL]DGDV D UHVSHLWR GD KLVWyULD GR HGLILFLR H GR
SUREOHPD SRGH VHU QHFHVViULR R OHYDQWDPHQWR GD KLVWyULD GDV FRQGLo}HV GH H[SRVLomR D TXH ILFRX
VXEPHWLGR R HGLILFLR 4XHVW}HV FRPR DV YDULDo}HV FOLPiWLFDV GH YL]LQKDQoD HVFDYDo}HV

YLEUDo}HV H[FHVVLYDV UHEDL[DPHQWR GR OHQoRO IUHiWLFR SRGHP VHU UHVSRQGLGDV DWUDYpV GH


LQYHVWLJDo}HV PLQXFLRVDV FXMD PHWRGRORJLD p SDUWLFXODU SDUD FDGD FDVR GDGD D YDULHGDGH GH
DOWHUDo}HV H GH DJHQWHV SRVVtYHLV &RPR H[HPSOR GH SUREOHPD FDXVDGR SHOD YDULDomR GDV
FRQGLo}HV GH H[SRVLomR SRGH VHU FLWDGR R DSRGUHFLPHQWR GH HVWDFDV GH HXFDOtSWLFR GH IXQGDomR
FDXVDGR SRU XP UHEDL[DPHQWR JHUDO GR OHQoRO IUHiWLFR GD UHJLmR RQGH VH HQFRQWUD D REUD
 2V ([DPHV &RPSOHPHQWDUHV SDUD D )RUPXODomR GR 'LDJQyVWLFR
8P SUREOHPD SDWROyJLFR VH UHYHOD VRE D IRUPD GH VLQWRPDV (VWHV VLQWRPDV 6mR OHYDQWDGRV SHOR
SURILVVLRQDO DWUDYpV GH VHXV VHQWLGRV QDWXUDLV DWUDYpV GH LQWHUURJDWyULR GRV HQYROYLGRV H DWUDYpV GD
DQiOLVH GRV GRFXPHQWRV SHUWLQHQWHV
2 SRGHU GH UHVROXomR GD YLVWRULD GR ORFDO LVWR p D SRVVLELOLGDGH GH SHUPLWLU D HODERUDomR GH XP
GLDJQyVWLFR ILQDO HVWi UHODFLRQDGD FRP D PDQLIHVWDomR GR SUREOHPD H FRP D SRVVLELOLGDGH GH VXD
LGHQWLILFDomR H YDORUL]DomR SHOR SURILVVLRQDO $ YLVWRULD QRUPDOPHQWH p OLPLWDGD SHORV UHFXUVRV GRV
VHQWLGRV KXPDQRV H SHUPLWH DSHQDV D REVHUYDomR PDFURVFySLFD GH XP SUREOHPD
8P FRQVLGHUiYHO Q~PHUR GH SUREOHPDV DSUHVHQWD VLQWRPDWRORJLD EDVWDQWHV FDUDFWHUtVWLFD
SHUPLWLQGR D IRUPXODomR LPHGLDWD GR GLDJQyVWLFR ILQDO ([LVWHP FDVRV QR HQWDQWR HP TXH VmR
QHFHVViULRV H[DPHV FRPSOHPHQWDUHV QRV TXDLV FRQFHLWXDOPHQWH VmR DPSOLDGRV RV VHQWLGRV
QDWXUDLV GR SURILVVLRQDO DWUDYpV GH PHLRV ItVLFRV TXtPLFRV H DWp ELROyJLFRV
2V GDGRV REWLGRV GR H[DPH H GD DQDPQHVH GR HGLILFLR GLUHFLRQDP D UHDOL]DomR RX VROLFLWDomR GH
FHUWR H[DPH FRPSOHPHQWDU &DGD H[DPH WHP DVVRFLDGR XP FHUWR SRGHU GH UHVROXomR LVWR p XPD
FDSDFLGDGH GH LQGLFDU D SUHVHQoD GH DOWHUDomR KLSRWpWLFD H XPD SRVVLELOLGDGH GH IRUQHFHU IDOVRV
UHVXOWDGRV SRVLWLYRV H QHJDWLYRV
&RQKHFHU R SRGHU GH UHVROXomR H DV OLPLWDo}HV GH FDGD H[DPH FRPSOHPHQWDU SURYRFD D QmR
UHDOL]DomR HP FDGD FDVR GH XPD VpULH GH H[DPHV GLVSHQGLRVRV GHPRUDGRV H IUHTHQWHPHQWH
LQ~WHLV 3RU RXWUR ODGR GHVFRQKHFHU D SRVVLELOLGDGH GR  H[DPH SUHVFULWR IRUQHFHU UHVXOWDGRV IDOVRV
HP GHWHUPLQDGDV VLWXDo}HV SRGH SURYRFDU XP GLDJQyVWLFR HTXLYRFDGR R TXH SHUPLWH D HYROXomR
GR SUREOHPD H UHGX] DV VXDV SRVVLELOLGDGHV GH UHVROXomR
1RUPDOPHQWH RV H[DPHV FRPSOHPHQWDUHV VmR QHFHVViULRV TXDQGR RV GDGRV REWLGRV QD YLVWRULD GR
ORFDO H QD DQDPQHVH VH PRVWUDUHP LQVXILFLHQWHV SDUDD HODERUDomR GR GLDJQyVWLFR ([LVWHP FDVRV
QR HQWDQWR HP TXH RV H[DPHV FRPSOHPHQWDUHV 6mR SUHVFULWRV PHVPR TXDQGR R GLDJQyVWLFR HVWi
IRUPXODGR FRP R LQWXLWR GH JDUDQWLU D VXD FRUUHomR (VWDV VLWXDo}HV SRGHP RFRUUHU TXDQGR VH
PRVWUDUHP FDWDVWUyILFDV DV FRQVHTrQFLDV GH XP GLDJQyVWLFR LQFRUUHWR
2V H[DPHV FRPSOHPHQWDUHV SRGHP VHU FODVVLILFDGRV HP

$QiOLVHV H HQVDLRV HP ODERUDWyULR

(QVDLRV LQ ORFR 

$QiOLVHV H HQVDLRV HP ODERUDWyULRV

$V DQiOLVH H HQVDLRV HP ODERUDWyULR SRGHP VHU GH FDUDFWHUL]DomR GH DPRVWUDV FROHWDGDV RX GH


DYDOLDomR GH GHVHPSHQKR D SDUWLU GH PDWHULDLV H FRPSRQHQWHV VLPLODUHV DRV XVDGRV QD REUD

$QDOLVDU H HQVDLDU R PDWHULDO VLJQLILFD GHWHUPLQDU RV YDORUHV GH SURSULHGDGHV TXH VHMDP UHOHYDQWHV
SDUD R VHX XVR $V SURSULHGDGHV UHOHYDQWHV SRGHP VHU GH QDWXUH]D ItVLFD TXtPLFD RX ELROyJLFD
$OJXPDV SURSULHGDGHV ItVLFDV VmR LQHUHQWHV DR PDWHULDO RX VHMD LQGHSHQGHP GH VXD IRUPD
JHRPpWULFD (VWH WLSR GH HQVDLR L FRQVLGHUDGR FRPR GH FDUDFWHUL]DomR GR PDWHULDO 6mR H[HPSORV D
GHWHUPLQDomR GD GHQVLGDGH GD FRQGXWLELOLGDGH WpUPLFD H HOpWULFD GR FRHILFLHQWH GH GLODWDomR GR
tQGLFH GH UHGXomR DF~VWLFD H RXWUDV 3RU RXWUR ODGR GHWHUPLQDGDV SURSULHGDGHV ItVLFDV HVWLR OLJDGDV
L IRUPD JHRPpWULFD GR PDWHULDO VmR DV SURSULHGDGHV PHFkQLFDV
$ FDUDFWHUL]DomR TXtPLFD GR PDWHULDO SRGH VHU D LGHQWLILFDomR TXDOLWDWLYD H TXDQWLWDWLYD GRV
HOHPHQWRV H FRPSRVWRV TXtPLFRV SUHVHQWHV QD DPRVWUD H GH FDUDFWHUL]DomR GD PLFURHVWUXWXUD GR
PDWHULDO
1RV FDVRV HP TXH R PDWHULDO D VHU DQDOLVDGR VRIUH R DWDTXH GH RUJDQLVPRV YLYRV FRPR IXQJRV SRU
H[HPSOR D DQiOLVH SRGH VHU IHLWD SRU PHLR GH SURFHVVRV ELROyJLFRV 1R FDVR GD PDGHLUD DWDFDGD
SRU IXQJRV XP GRV SURFHVVRV GH H[DPH p D UHWLUDGD GH DPRVWUD H VXD LQWURGXomR HP PHLR GH
FXOWXUD ULFD HP QXWULHQWHV >@
$ FDUDFWHUL]DomR GH DPRVWUD FROHWDGD p XP GRV FDPLQKRV GLVSR QtYHLV GRV H[DPHV
FRPSOHPHQWDUHV QHFHVViULRV SDUD D IRUPXODomR GR GLDJQyVWLFR GH XP SUREOHPD SDWROyJLFR FR GH
XP SUREOHPD SDWROyJLFR 2 RXWUR FDPLQKR HP ODERUDWyULR H D UHDOL]DomR GH HQVDLRV TXH
SURSRUFLRQHP D DYDOLDomR GR GHVHPSHQKR GR HGLItFLR RX GH FDGD XPD GH VXDV SDUWHV
1RV HQVDLRV GH GHVHPSHQKR UHDOL]DGRV HP ODERUDWyULR SURFXUDVH UHSURGX]LU GH XP ODGR D SDUWH
GR HGLItFLR HP HVWXGR XWLOL]DQGRVH PDWHULDLV H FRPSRQHQWHV VLPLODUHV DRV XVDGRV QD REUD H GH
RXWUR DV FRQGLo}HV GH H[SRVLomR D TXH HVWD SDUWH HVWi VXEPHWLGD QR HGLItFLR

(QVDLRV ,Q ORFR

(VWHV HQVDLRV LQ ORFR VH FDUDFWHUL]DP SHOD XWLOL]DomR H DSOLFDomR GH HTXLSDPHQWR HVSHFtILFR QR


SUySULR ORFDO GD REUD PHGLQGRVH HRX DYDOLDQGRVH GHWHUPLQDGDV FDUDFWHUtVWLFDV GR HGLILFLR RX GH
XPD GH VXDV SDUWHV (VWHV HQVDLRV FRPSOHPHQWDUHV UHDOL]DGRV LQ ORFR VH GLVWLQJXHP GDTXHOHV
TXH SRGHP VHU UHDOL]DGRV QD YLVWRULD LQLFLDO EDVLFDPHQWH SHOD FRPSOH[LGDGH SDUWLFXODULGDGH H HP
DOJXQV FDVRV FRPR GH GRV HTXLSDPHQWRV QHFHVViULRV D VXD UHDOL]DomR 2XWUR SRQWR GH GLVWLQomR
HQWUH RV H[DPHV FRPSOHPHQWDUHV LQ ORFR H D YLVWRULD GR ORFDO p D QHFHVVLGDGH TXH DOJXQV H[DPHV
FRPSOHPHQWDUHV WrP GH VHU HVSUDLDGRV QR WHPSR
$ WDEHOD  UHSUHVHQWD XPD UHODomR GH H[DPHV FRPSOHPHQWDUHV TXH VmR QRUPDOPHQWH XWLOL]DGRV QD
3DWRORJLD GDV &RQVWUXo}HV 1D WDEHOD  VmR DSUHVHQWDGRV DOJXQV GRV SULQFLSDLV H[DPHV
FRPSOHPHQWDUHV SURFXUDQGRVH VXFLQWDPHQWH HVFODUHFHU RV SULQFtSLRV H FRQFHLWRV TXH JRYHUQDP
D VXD DSOLFDomR
2V H[DPHV FRPSOHPHQWDUHV GH XPD IRUPD JHUDO VmR PXLWR ~WHLV H HP DOJXQV FDVRV VmR
LPSUHVFLQGtFHLV  $LQGD TXH D WHFQRORJLD GLVSRQtYHO SDUD VXD UHDOL]DomR HVWH Mi HP FRQVWDQWH
HYROXomR QmR SRGHP VHU SHQVDGRV FRPR XPD IRUPD GH VXEVWLWXLU D YLVWRULD ORFDO UHDOL]DGD SRU
SURILVVLRQDO FRPSHWHQWH 2V H[DPHV FRPSOHPHQWDUHV TXDQGR QHFHVViULRV Vm RULHQWDGRV D SDUWLU
GD YLVWRULD GR ORFDO QR VHQWLGR GH REMHWLYRV HVSHFtILFRV HP UD]mR GH XPD IRUPD JHUDO
GR VHX DOWR
FXVWR H PXOWDV YH]HV GH VXD JUDQGH GHPRUD

 2 ',$*1267,&2 '$ 6,78$d2 2 (17(1',0(172 &202 5(48,6,72 3$5$ $


,17(59(1d2
 &RQFHLWRV EiVLFRV SDUD D IRUPXODomR GR GLDJQyVWLFR
2 SURGXWR HGLItFLR VXEPHWLGR D GHWHUPLQDGDV FRQGLo}HV GH H[SRVLomR WHQGH D XP HTXLOtEULR
GLQkPLFR FRP R VHX HQWRUQR 'D LQWHUDomR HQWUH DV Do}HV H[WHUQDV H D FDSDFLGDGH GR HGLItFLR GH
UHDJLU p TXH UHVXOWD R GHVHPSHQKR FRP R TXDO R HGLItFLR FXPSUH VXDV IXQo}HV 1D PHGLGD HP TXH
VH TXHLUD UHVROYHU XP SUREOHPD SDWROyJLFR GR HGLItFLR R HQWHQGLPHQWR LQWHJUDO GHVWH SURFHVVR GH
LQWHUDomR ( LQGLVSHQViYHO $ HVWH HQWHQGLPHQWR TXH H[SOLFD FLHQWLILFDPHQWH RV IHQ{PHQRV
RFRUULGRV H VHX GHVHQYROYLPHQWR GDPRV R QRPH GH GLDJQyVWLFR GH SUREOHPD SDWROyJLFR
2V SUREOHPDV SDWROyJLFRV QRUPDOPHQWH VmR SURYRFDGRV SHOD DomR GH DJHQWHV DJUHVVLYRV DRV
TXDLV R HGLItFLR QmR p FDSD] GH VH DGDSWDU GH SURQWR QR PRPHQWR RSRUWXQR 5DUDPHQWH D DomR Gy
DJHQWH DJUHVVLYR WHP YDORU DEVROXWR (QWUH YiULRV HGLItFLRV H[SRVWRV j DomR GDV PHVPDV FRQGLo}HV
GH H[SRVLomR DOJXQV SDVVDP D DSUHVHQWDU SUREOHPDV SDWROyJLFRV H RXWURV QmR H DOpP GLVVR HQWUH
DTXHOHV TXH RV DSUHVHQWDP XQV DSUHVHQWDP XP TXDGUR JUDYH HQTXDQWR TXH RXWURV R DSUHVHQWDP
DWHQXDGR
&DGD HGLItFLR SRVVXL XPD UHVLVWrQFLD FDUDFWHUtVWLFD D DomR GH FDGD XP GRV DJHQWHV DJUHVVLYRV 2
HGLItFLR SRGH VHU LPXQH D GHWHUPLQDGDV LQWHQVLGDGHV GH DWXDomR GH GHWHUPLQDGRV DJHQWHV H QmR R
VHU SDUD LQWHQVLGDGHV PDLRUHV 3RU RXWUR OD Gy SRGH DFRQWHFHU GDV FDUDFWHUtVWLFDV GRV HGLItFLRV
IDYRUHFHP D DomR GH XP DJHQWH DJUHVVLYR 'HQRPLQDVH SUHGLVSRVLomR L HVSHFLDO WHQGrQFLD GH XP
HGLILFLR L VRIUHU XPD TXHGD GH GHVHPSHQKR VRE D DomR GH GHWHUPLQDGRV DJHQWHV DJUHVVLYRV $
SUHGLVSRVLomR GR HGLItFLR RX GH XPD GH VXDV SDUWHV SDUD DSUHVHQWDU SUREOHPDV SDWROyJLFRV SRGH
VHU RULJLQDGD GXUDQWH D IDVH GH FRQVWUXomR RX VHU DGTXLULGD QD IDVHGH XVR (QWUH HVWHV GRLV
H[WUHPRV LPXQLGDGH H SUHGLVSRVLomR  RV HGLItFLRV SRGHP DSUHVHQWDU WRGD D JDPD GH
FDUDFWHUtVWLFDV LQWHUPHGLiULDV HP UHODomR D FDGD XP GRV DJHQWHV DJUHVVLYRV LQGLFDGRV QD WDEHOD 
$ DWXDomR GH DJHQWHV DJUHVVLYRV FRP LQWHQVLGDGH PDLRU TXH D UHVLVWrQFLD GR HGLItFLR RX VXD SDUWH
FDXVD R SUREOHPD SDWROyJLFR 1D PHGLGD HP TXH WRGRV HGLItFLRV WrP FDUDFWHUtVWLFDV FRPSOH[DV H QR
FDVR JHUDO QmR HVWLR VXMHLWRV j DWXDomR GH VRPHQWH XP DJHQWH DJUHVVLYR PDV VLP GH XP
FRQMXQWRGH DJHQWHV DJUHVVLYRV QRUPDOPHQWH XP SUREOHPD SDWROyJLFR HVWi OLJDGR D XP TXDGUR
JHUDO GH FDXVDV H QmR D XPD FDXVD ~QLFD 3DUD FDGD FDVR SRGHPRV FODVVLILFiODV HP

FDXVDV HILFLHQWHV RX RSHUDQWHV

FDXVDV FRDGMXYDQWHV RX SUHGLVSRQHQWHV

$V FDXVDV HILFLHQWHV VmR DV FDXVDV SULQFLSDLV DV UHVSRQViYHLV DSHQDV SHOR SUREOHPD QRUPDOPHQWH
SURYRFDQGR DOWHUDomR QRV PDWHULDLV H FRPSRQHQWHV *HUDOPHQWH HVWmR OLJDGDV j DomR GH DJHQWHV
ItVLFRV H ELROyJLFRV $V FDXVDV SUHGLVSRQHQWHV SRGHP HVWDU UHODFLRQDGDV FRP D LGDGH GR HGLItFLR
FRP D IDOWD GH FRQVHUYDomR H OLPSH]D H DVVLP SRU GLDQWH
1R TXH GL] UHVSHLWR j H[WHQVmR GRV SUREOHPDV QR HGLItFLR GHYHP VHU GLIHUHQFLDGRV RV SUREOHPDV
JHUDLV GRV ORFDLV 2V SUREOHPDV ORFDLV DIHWDP XPD SDUWH OLPLWDGD GR HGLItFLR HQTXDQWR RV JHUDLV
DIHWDP R HGLItFLR FRPR XP WRGR $LQGD TXH RUJLQDULDPHQWH XP SUREOHPD SRVVD DIHWDU R HGLItFLR
ORFDOL]DGDPHQWH PXLWDV YH]HV RXWURV PDWHULDLV H FRPSRQHQWHV DFDEDP SRU VHU DIHWDGRV (VWDV
PDQLIHVWDo}HV VHFXQGiULDV TXH FRQVWLWXHP RV SUREOHPDV SDWROyJLFRV GH VHJXQGD RUGHP SRGHP
SRU VXD YH] GDU OXJDU D PDQLIHVWDo}HV GH WHUFHLUD RUGHP H DVVLP SRU GLDQWH GH PRGR D FRPSOLFDU

FDGD YH] PDLV R TXDGUR JHUDO 2 SURFHVVR GHVWH GHVHQYROYLPHQWR GR SUREOHPD SDWROyJLFR SRGH VH
GDU OHQWDPHQWH GH IRUPD FU{QLFD RX SRGH VHU UiSLGR DWLQJLQGR PDQLIHVWDo}HV LQWHQVDV HP SRXFR
WHPSR
2V SUREOHPDV SDWROyJLFRV VmR SRUWDQWR SURFHVVRV GLQkPLFRV 1XPD IDVH GR SURFHVVR DV
PDQLIHVWDo}HV SDWROyJLFDV SRGHP DSUHVHQWDU XP DVSHFWR FRPSOHWDPHQWH GLIHUHQWH GR TXH VH
REVHUYDYD HP IDVH DQWHULRU HVWDQGR HP FRQVWDQWH HYROXomR R TXDGUR JHUDO (P FRQVHTXrQFLD R
SURFHVVR GH GLDJQyVWLFR GHYH VHU GLQkPLFR WHQGRTXH DOFDQoDU R HQWHQGLPHQWR GH WRGR R
GHVHQYROYLPHQWR GR SUREOHPD SDWROyJLFR H QmR VLPSOHVPHQWH GD VLWXDomR LQVWDQWkQHD
 2 SURFHVVR GR GLDJQyVWLFR
2 GLDJQyVWLFR WHQGR FRPR REMHWLYR ILQDO R HQWHQGLPHQWR GH XP TXDGUR JHUDO GH IHQ{PHQRV H
PDQLIHVWDo}HV GLQkPLFDV SUHVVXS}H XP SURFHVVR FRPSOH[R H LQWULQFDGR GH HODERUDomR PHQWDO
(VWH SURFHVVR GH HQWHQGLPHQWR GD VLWXDomR H GH HODERUDomR PHQWDO VH LQLFLD FRQIRUPH
5HQRQG6DOLV >@ DVVLP TXH R SUREOHPD SDWROyJLFR FRPHoD D VHU HVWXGDGR  SURFHVVR GR
GLDJQyVWLFR QmR VH LQLFLD VRPHQWH DSyV OHYDQWDGR R TXDGUR VLQWRPDWROyJLFR
2 OHYDQWDPHQWR GD KLVWyULD GR HGLItFLR H GD SDWRORJLD RV H[DPHV H HQVDLRV GH FDPSR H HP
ODERUDWyULR VmR IHLWRV QmR QR VHQWLGR GH VLPSOHVPHQWH OHYDQWDU IDWRV VHTXHQFLDGRV
FURQRORJLFDPHQWH RX TXDQWLILFDU VLQWRPDV LVRODGDPHQWH &DGD VXEVtGLR REWLGR QD YLVWRULD GR ORFDO
QD DQDPQHVH RX QRV H[DPHV FRPSOHPHQWDUHV GHYH VHU ,QWHUSUHWDGR QR VHQWLGR GH FRPSRU
SURJUHVVLYDPHQWH XP TXDGUR GHHQWHQGLPHQWR GH FRPR WUDEDOKD R HGLItFLR FRPR UHDJH j DomR GRV
DJHQWHV DJUHVVLYRV SRUTXH VXUJLX H FRPR VH GHVHQYROYHX R SUREOHPD SDWROyJLFR H DVVLP SRU
GLDQWH &DGD UHVXOWDGR GD IDVH GH OHYDQWDPHQWR GH 68%6',26 Vy WHP VHQWLGR VH FRUUHWDPHQWH
LQWHUSUHWDGR H LQVHULGR QXP TXDGUR JHUDO GH HQWHQGLPHQWR (VWD LQWHUSUHWDomR GH FDGD VXEVtGLR
REWLGR H D FRUUHVSRQGHQWH KLSyWHVH GH DYDOLDomR GD VLWXDomR RULHQWD D SURFXUD GH QRYRV GDGRV R
TXH FDUDFWHUL]D D LQWHUDomR LQFOXVLYH WHPSRUDO HQWUH D IDVH GH OHYDQWDPHQWR GH VXEVtGLRV H R
SURFHVVR GR GLDJQyVWLFR
6LPSOLILFDGDPHQWH R SURFHVVR GH HQWHQGLPHQWR GH XP SUREOHPD SDWROyJLFR SRGH VHU GHVFULWR FRPR
R GH JHUDomR GH KLSyWHVHV RX PRGHORV H R VHX UHVSHFWLYR WHVWH (P RXWUDV SDODYUDV  D SDUWLU GH
GHWHUPLQDGRV GDGRV IXQGDPHQWDLV R WpFQLFR HODERUD KLSyWHVHV GH DYDOLDomR GD VLWXDomR H FRPSDUD
HVWHV PRGHORV DR TXDGUR VLQWRPDWROyJLFR JHUDO H DR FRQKHFLPHQWR TXH WHP GD 3DWRORJLD 3DUD D
HODERUDomR GDV KLSyWHVHV H R VHX WHVWH HP FDGD SDVVR GD IDVH OHYDQWDPHQWR GH VXEVtGLRV H GR
GLDJQyVWLFR p IHLWD XPD DQiOLVH H VtQWHVH GR TXDGUR LQVWDQWkQHR LQIRUPDo}HV H KLSyWHVHV $ DQiOLVH
GHFRPSRVLomR GR TXDGUR H HVWXGR LVRODGR GRV VLQWRPDV  H D VtQWHVH HQWHQGLPHQWR GD LQWHUDomR
HQWUH RV VLQWRPDV H GR TXDGUR GH VLQWRPDV FRP R HGLItFLR SRGHP VHU UHDOL]DGDV FRQVFLHQWHPHQWH
FRP YDJDU RX LQVWDQWDQHDPHQWH PRELOL]DQGR UHSHQWLQD H DXWRPDWLFDPHQWH LQIRUPDo}HV
DFXPXODGDV SHOR WpFQLFR DR ORQJR GR WHPSR QXP SURFHVVR VXEOLPLQDU  QR TXDO D FRQVFLrQFLD QmR
VH Gi FRQWD
2 SURFHVVR GR GLDJQyVWLFR FRQVWLWXL D FRQWtQXD UHGXomR GD LQFHUWH]D LQLFLDO SHOR SURJUHVVLYR
OHYDQWDPHQWR GH GDGRV (VWD SURJUHVVLYD UHGXomR GD LQFHUWH]D p DFRPSDQKDGD SRU XPD UHGXomR
SDUDOHOD GR Q~PHUR GH SRVVtYHLV PRGHORV RX KLSyWHVHV  DWp TXH VH FKHJXH D XPD FRUUHODomR
VDWLVIDWyULD HQWUH R SUREOHPD REVHUYDGR H XP PRGHOR GHVWH SUREOHPD R GLDJQyVWLFR  1HVWH
HVWiJLR D UHSUHVHQWDomR GR SUREOHPD QmR SRGH PDLV VHU HQULTXHFLGD 'HQWUR GHVWD YLVmR DPSOD GR
SURFHVVR GR GLDJQyVWLFR D IDVH GH OHYDQWDPHQWR GH VXEVtGLRV p LQWHUURPSLGD TXDQGR R WpFQLFR
DYDOLD TXH D ,QYHVWLJDomR DGLFLRQDO WHP SRXFD RX QHQKXPD SUREDELOLGDGH GH DOWHUDU R GLDJQyVWLFR
QmR MXVWLILFDQGR VHX FXVWR

1RV FDVRV PDLV VLPSOHV GH GLDJQyVWLFR HYLGHQWH D HODERUDomR PHQWDO SRGH VHU DPSODPHQWH
VLPSOLILFDGD SHOD XWLOL]DomR GH HVTXHPDV GH GLDJQyVWLFR 1HVWHV HVTXHPDV DWUDYpV GR TXDGUR GH
VLQWRPDV VmR OHYDQWDGDV DV FDXVDV D RULJHQV H DV SRVVLELOLGDGHV GH UHSDUDomR GRV SUREOHPDV
SDWROyJLFRV 2 HVTXHPD GLDJQyVWLFR LGHDO GHYH DWHQGHU DRV VHJXLQWHV UHTXLVLWRV

&DGD TXDGUR GH VLQWRPDV Vy SRGH VHU FODVVLILFDGR QXP OXJDU

4XDOTXHU TXDGUR GH VLQWRPDV HQFRQWUD XP OXJDU

2EVHUYDGRUHV GLIHUHQWHV VHPSUH FRQFOXHP SHOD PHVPD FODVVLILFDomR

2FRUUH QR HQWDQWR TXH HPERUD VHMDP FRQKHFLGRV FHUWRV IHQ{PHQRV UHODo}HV FDXVDLV FRQH[}HV
VLJQLILFDWLYDV QmR SRGHPRV DOPHMDU FODVVLILFDU WRGRV RV SUREOHPDV SDWROyJLFRV WmR ULJRURVDPHQWH $
WHQWDWLYD GH HVTXHPDWL]DomR QmR VH GHIURQWD VRPHQWH FRP XP GHILFLHQWH JUDX GH FRQKHFLPHQWR
WpFQLFR H FLHQWtILFR 0XL WDV YH]HV SUREOHPDV SDWROyJLFRV GLIHUHQWHV RFRUUHP GH IRUPD FRPELQDGD
RX DSUHVHQWDP PDQLIHVWDo}HV VHPHOKDQWHV GLILFXOWDQGR RX LPSRVVLELOLWDQGR D XWLOL]DomR GH
HVTXHPDV GH GLDJQyVWLFR
&RQILUPDQGR DV GLILFXOGDGHV HQXPHUDGDV H[LVWHP FDVRV HP TXH PHVPR HVJRWDQGRVH WRGDV DV
IRQWHV SDUD R OHYDQWDPHQWR GH GDGRV QmR VH FRQVHJXH HODERUDU R GLDJQyVWLFR 1HVWHV FDVRV
FUDTXH VXEVLVWHP DOJXPDV KLSyWHVHV SRVVtYHLV R GLDJQyVWLFR GHILQLWLYR SRGH VHU HODERUDGR D SDUWLU
GDV UHVSRVWDV GR HGLItFLR D DOJXP WLSR GH LQWHUYHQomR GHFLGLGR HP IXQomR GH XP GLDJQyVWLFR DLQGD
SURYLVyULR
2 SULPHLUR FRQWH[WR FLWDGR RQGH SRGHP VHU XWLOL]DGR HVTXHPDV GH GLDJQyVWLFR GH FHUWH]D RV
IHQ{PHQRV VmR DPSODPHQWH FRQKHFLGRV H D RWLPL]DomR GRV UHVXOWDGRV p XPD VLPSOHV TXHVWmR GH
DSOLFDomR GRV FRQKHFLPHQWRV 2 VHJXQGR FRQWH[WR RQGH VH ODQoD PmR GRV WHVWHV GH LQWHUYHQomR
H R GD LQFHUWH]D SRLV DSHVDU GH XWLOL]DGDV WRGDV DV WpFQLFDV GH OHYDQWDPHQWR GH VXEVtGLRV
SHUPDQHFH D G~YLGD
(QWUH GRLV H[WUHPRV SRGH VHU HQFRQWUDGD XPD HQRUPH JDPD GH FDVRV FRP YDULDGRV JUDXV GH
FHUWH]D QD IRUPXODomR GR GLDJQyVWLFR ,VWR QRV OHYD D DVVRFLDU D FDGD GLDJQyVWLFR IRUPXODGR D
QRomR GH TXH H[LVWH XPD SUREDELOLGDGH GH VXD FRUUHomR RX HP RXWUDV SDODYUDV D QRomR GH TXH
WRGR GLDJQyVWLFR HQYROYH XP ULVFR GH LQFRUUHomR
$ SDUWLU GHVWD FRQVWDWDomR R REMHWLYR ILQDO GR SURFHVVR GHL[D GH VHU HQWHQGLGR FRPR D FHUWH]D GR
GLDJQyVWLFR PDV VLP XP GLDJQyVWLFR PXLWR SURYiYHO
 $ '(),1,d2 '$ &21'87$ $ 6(5 6(*8,'$
 $V KLSyWHVHV GH HYROXomR IXWXUD H DV DOWHUQDWLYDV GH LQWHUYHQomR
(VWDEHOHFLGR R GLDJQyVWLFR GR SUREOHPD SDWROyJLFR R WpFQLFR HVWD GH SRVVH GR FRQKHFLPHQWR JHUDO
GR SURFHVVR H SRUWDQWR GHYH SUHSDUDU VXD LQWHUYHQomR
$QWHV GD GHILQLomR GD FRQGXWD SURSULDPHQWH GLWD D VHU WRPDGD D SDUWLU GR GLDJQyVWLFR VmR
OHYDQWDGDV DV KLSyWHVHV GH HYROXomR IXWXUD GR SUREOHPD $ HVVH FRQMXQWR GH KLSyWHVHV GDPRV R
QRPH GH SURJQyVWLFR $WUDYpV GR SURJQyVWLFR QmR VH SUHWHQGH FKHJDU D XPD ~QLFD SUHYLVmR GR
IXWXUR PDV VLP LV DOWHUQDWLYDV SRVVtYHLV GH GHVHQYROYLPHQWR GR SUREOHPD 3HUFHEHVH TXH p

LPSRVVtYHO SUHYHU IHQ{PHQRV TXH DLQGD HVWLR SRU RFRUUHU VHP WHU FODUR TXH HVWD VH WUDWDQGR GH
SRVVLELOLGDGHV H QmR GH FHUWH]DV
(QTXDQWR R GLDJQyVWLFR p XPD DWLYLGDGH XQLWHPSRUDO GH DYDOLDomR GH XPD VLWXDomR YHULILFDGD HP
GHWHUPLQDGR LQVWDQWH GR SURFHVVR R SURJQyVWLFR p PXOWLWHPSRUDO GHYHQGR R WpFQLFR YDWLFLQDU FRP
EDVH HP GHWHUPLQDGR SDUkPHWURV D HYROXomR GR FDVR DR ORQJR GR WHPSR
2 SURJQyVWLFR p EDVHDGR HP GDGRV IRUQHFLGRV SHOR WLSR GH SUREOHPD SHOR VHX HVWiJLR GH
GHVHQYROYLPHQWR SHODV FDUDFWHUtVWLFDV JHUDLV GR HGLILFLR H SHODV FRQGLo}HV GH H[SRVLomR D TXH HVWi
VXEPHWLGR (QWUDP HP FRQVLGHUDomR SRUWDQWR R TXDGUR GH HYROXomR QDWXUDO GR SUREOHPD DV
FLUFXQVWkQFLDV HP TXH HOH SRUYHQWXUD VH DSUHVHQWH R WHUUHQR VREUH R TXDO VH GHVHQYROYH H RV
FXLGDGRV H FRQGLo}HV TXH URGHLDP R HGLItFLR
$ HODERUDomR PHQWDO TXH FRQGX] j IRUPXODomR GR SURJQyVWLFR SUHVVXS}H D VLQWHWL]DomR GRV
SDUkPHWURV FLWDGRV GHQWUR GH XP TXDGUR JHUDO D FRPSDUDomR GHVWH TXDGUR FRP FDVRV
VHPHOKDQWHV SHUPLWH GHOLPLWDU R FDPSR GRV SRVVtYHLV FXUVRV GR SUREOHPD SDWROyJLFR (VWD
FRPSDUDomR H RV FRQKHFLPHQWRV TXH R WpFQLFR SRVVXL GD IHQRPHQRORJLD GRV SUREOHPDV
SDWROyJLFRV VHXV SURFHVVRV ItVLFRV H TXtPLFRV GH HYROXomR SRGHP SHUPLWLU D LQIHULomR GR VHX
GHVHQYROYLPHQWR HP IXQomR GDV YDULiYHLV GLQkPLFDV LQWHUYHQLHQWHV
2 LQWHUHVVH SHOD SUHYLVmR GR GHVHQYROYLPHQWR GRV D SUREOHPDV SDWROyJLFRV H[LVWH SDUD RV FDVRV
VLPSOHV GH GLDJQyVWLFR H UHSDUR HYLGHQWHV PDV HVWH LQWHUHVVH ( DLQGD PDLRU SDUD RV SUREOHPDV
PDLV FRPSOH[RV FRP HVSHFLDO rQIDVH SDUD DTXHOHV FXMD SRVVLELOLGDGH GH UHVROXomR FRPSOHWD H
UHPRWD $ DYDOLDomR GR IXWXUR GHVHQYROYLPHQWR GR SUREOHPD SDWROyJLFR TXDQGR FRUUHWDPHQWH
H[HFXWDGD SRGH JUDGXDU D SRVVLELOLGDGH TXH VH DOFDQFH R REMHWLYR LQLFLDO GR SURFHVVR TXH SRGH
VHU VLPSOHV FRPR p HYHQWXDOPHQWH R GHVDSDUHFLPHQWR GH XP VLQWRPD RXPDLV FRPSOH[R FRPR p D
UHHVWUXWXUDomR UDGLFDO GR PRGR FRPR WUDEDOKD R HGLILFLR ([LVWHP FDVRV GHSHQGHQGR GDV
FDUDFWHUtVWLFDV GR HGLItFLR GR WLSR GH SUREOHPD H GR VHX HVWiJLR GH HYROXomR TXH SRGHP H[LJLU D
UHIRUPXODomR GR REMHWLYR LQLFLDO QR VHQWLGR GH TXH R SUREOHPD VLPSOHVPHQWH WHQKD VXD SURJUHVVmR
FRQWURODGD (P DOJXQV FDVRV H FRQIRUPH R SURJQyVWLFR R TXH VH SRGH DOPHMDU p TXH D VLWXDomR QmR
SLRUH
([LVWHP SUREOHPDV SDWROyJLFRV SRU RXWUR ODGR TXH SUDWLFDPHQWH QmR SHUPLWHP TXDO TXHU WLSR GH
LQWHUYHQomR FRQGX]LQGR R HGLILFLR QXP PDLRU RX PHQRU SUD]R QR VHQWLGR GR ILP GH VXD YLGD ~WLO
1HVWHV FDVRV GH SURJQyVWLFR SHVVLPLVWD TXDQWR j HYROXomR GH SUREOHPD XPD GLVWLQomR
WHUPLQROyJLFD GHYH VHU IHLWD TXDQWR D H[SUHVVmR SURJQyVWLFR UXLP  0XOWDV YH]HV p XWLOL]DGD D
H[SUHVVmR SURJQyVWLFR UXLP TXDQGR XPD HYROXomR GHVIDYRUiYHO p SUHYLVWD 1HVWHV FDVRV VH IRU
LQHYLWiYHO D SHUGD GR HGLILFLR R SURJQyVWLFR HVWDYD FRUUHWR H SRUWDQWR VHJXQGR &KDVWDQJ >@ HUD
ERP H QmR UXLP  $LQGD VHJXQGR &KDVWDQJ VHU HYLWDGD D FRQIXVmR HQWUH R DWR GH SUHYHU H R
UHVXOWDGR GD SUHYLVmR
)RUPXODGR R GLDJQyVWLFR FR H R SURJQyVWLFR GH XP GDGR SUREOHPD SDVVDVH j IDVH GH HODERUDomR
GDV DOWHUQDWLYDV GH LQWHUYHQomR SRVVtYHLV
1D IDVH GH OHYDQWDPHQWR GH VXEVtGLRV p D WpFQLFD GH REVHUYDomR H XWLOL]DomR GRV LQVWUXPHQWRV TXH
FRQGLFLRQD D HILFLrQFLD 3DUD R GLDJQyVWLFR p D VHQVLELOLGDGH SDUD D LQWHUSUHWDomR H D FDSDFLGDGH GH
DQiOLVH H HQWHQGLPHQWR GRV IHQ{PHQRV TXH VmR LPSUHVFLQGtYHLV $ IDVH GH OHYDQWDPHQWR GDV
DOWHUQDWLYDV GH LQWHUYHQomR SRVVtYHLV H[LJH GR WpFQLFR DOpP GR FRQKHFLPHQWR GD WHFQRORJLD GH
LQWHUYHQomR GLVSRQtYHO QtYHO XPD JUDQGH SDUFHOD GH FULDWLYLGDGH e DWUDYpV GHVWD FULDWLYLGDGH TXH p
WpFQLFR D SDUWLU GH GHWHUPLQDGRV SDUkPHWURV H D SDUWLU GR VHX FRQKHFLPHQWR LPDJLQD H IRUPDOL]D

DOWHUQDWLYDV GH FRQGXWD RX PDLV SDUWLFXODUPHQWH GH LQWHUYHQomR TXH VmR SRVWHULRUPHQWH MXOJDGDV H
KLHUDUTXL]DGDV
 $ GHFLVmR GR TXH ID]HU
,QLFLDOPHQWH SDUD TXH SDVVD KDYHU XPD GHFLVmR GHYH H[LVWLU XP DOYR RX VHMD XPD VLWXDomR
GHVHMiYHO HP UHODomR D TXDO R SUREOHPD H VXD H[WHQVmR p GHILQLGR 1R GLDJQyVWLFR GD VLWXDomR p
HVWDEHOHFLGD D GLIHUHQoD HQWUH D VLWXDomR REVHUYDGD H D VLWXDomR GHVHMDGD D GLIHUHQoD HQWUH R
GHVHPSHQKR UHDO H R UHTXHULGR HP VXPD HQWUH XP REMHWR H R VHX PRGHOR 1R GLDJQyVWLFR
LGHQWLILFDVH R GHVYLR HP VHJXL GD OHYDQWDPVH DV DOWHUQDWLYDV GH LQWHUYHQomR SRVVtYHLV H
ILQDOPHQWH GHQWUH DV Do}HV SRVVtYHLV p HVFROKLGD DTXHOD PDLV DGHTXDGD SDUD UHGX]LU RX HOLPLQDU R
GHVYLR SHUFHELGR
2 GLDJQyVWLFR GD VLWXDomR p JXLDGR HVVHQFLDOPHQWH SHOR GHVHPSHQKR UHTXHULGR SHOR PRGHOR
HVWLSXODGR $ IDVH GH GHILQLomR GD FRQGXWD QR HQWDQWR WHP FRQGLFLRQDQWHV PDLV DPSORV VHQGR R
GHVHPSHQKR LGHDO UHTXHULGR DSHQDV XP QRUWH JHQpULFR 1D IDVH GH DYDOLDomR H HVFROKD DV Do}HV
LPDJLQDGDV VmR KLHUDUTXL]DGDV SHOR MXOJDPHQWR GH VXDV SRVVtYHLV FRQVHTrQFLDV $ HVFROKD
UDFLRQDO UHFDL QD DomR RX QD VHULH GH Do}HV TXH HP YLVWD GD LQFHUWH]D H GRV ULVFRV SUHHQFKD GD
PHOKRU IRUPD RV FULWpULRV HVWDEHOHFLGRV $ GHFLVmR ILQDO p JXLDGD SHOD SURFXUD GR PHOKRU
GHVHPSHQKR SRVVtYHO GHQWUR GR PHQRU FXVWR DOFDQoiYHO 5HVXPLQGR D GHFLVmR p EDVHDGD QD
UHODomR FXVWREHQHItFLR GH FDGD XPD GDV DOWHUQDWLYDV REHGHFHQGR XP GHVHPSHQKR ILQDO PtQLPR
UHTXHULGR (VWDEHOHFHU XP GHVHPSHQKR PtQLPR DFHLWiYHO VLJQLILFD TXH QR FDVR GH QHQKXPD
VROXomR VDWLVIDWyULD VHU HQFRQWUDGD D GHFLVmR Sy GH VHU D GH UHWRUQDU j IDVH GH GLDJQyVWLFR QD
EXVFD GH VROXo}HV PHOKRUHV
$ GHILQLomR GD FRQGXWD HQYROYH GD PHVPD IRUPD TXH R GLDJQyVWLFR XP SURFHVVR ULFR GH
HODERUDomR PHQWDO TXH FXOPLQD QXPD GHFLVmR TXH WHP DVVRFLDGD QHFHVVDULDPHQWH DOJXPD
LQFHUWH]D VREUH RV HIHLWRV GD DomR HVFROKLGD $ HVVrQFLD GH XPD GHFLVmR p D GH TXH p WRPDGD
GHQWUR GH XP XQLYHUVR SUREDELOtVWLFR H SRUWDQWR HQ YROYH XP ULVFR UHODWLYR j LQFHUWH]D (VWD
LQFHUWH]D SRGH VHU GHELWDGD DR SUySULR DWR GH HODERUDomR PHQWDO H WDPEpP DR JUDX GH
FRQKHFLPHQWR H FHUWH]D TXH HVWD DVVRFLDGD D FDGD DOWHUQDWLYD HP WHUPRV GRV VHXV HIHLWRV
$ GHILQLomR GD FRQGXWD p IHLWD OHYDQGRVH HP FRQWD WUrV SDUkPHWURV EiVLFRV TXH VmR DVVRFLDGRV D
FDGD DOWHUQDWLYD GH LQWHUYHQomR

*UDX GH LQFHUWH]D VREUH RV HIHLWRV

5HODomR FXVWREHQHItFLR

'LVSRQLELOLGDGH GH WHFQRORJLD SDUD H[HFXomR GRV VHUYLoRV

*UDX GH LQFHUWH]D VREUH RV HIHLWRV

7RGD DOWHUQDWLYD WHP DVVRFLDGR XP JUDX GH LQFHUWH]D TXDQWR D VHXV HIHLWRV &RQVHTHQWHPHQWH
SRGHPRV DVVRFLDU D FDVD XPD GDV SRVVtYHLV LQWHUYHQo}HV XPD SUREDELOLGDGH TXDQWR D HILFLrQFLD GR
UHVXOWDGR (VWD SUREDELOLGDGH HVWi GLUHWDPHQWH UHODFLRQDGD FRP D LQFHUWH]D GH FRUUHomR GR
GLDJQyVWLFR H FRP D HILFLrQFLD GHPRQVWUDGD SHOR WLSR HVSHFLILFR GH LQWHUYHQomR HP FDVRV
VHPHOKDQWHV

&DEH UHVVDOWDU SRUWDQWR D LPSRUWkQFLD GD UHWURDOLPHQWDomR GR VLVWHPD D SDUWLU GD GLYXOJDomR GH


FDVRV UHDLV TXH VHUi DQDOLVDGD QR LWHP  QR VHQWLGR GH SURSLFLDU XPD EDVH PDLV VHJXUD GH
GHFLVmR SHOD FRQGXWD PDLV DGHTXDGD HP FDGD QRYD VLWXDomR

 5HODomR FXVWREHQHItFLR

2 HVWXGR GRV FXVWRV GDV DOWHUQDWLYDV GH LQWHUYHQomR SDUWH GH XPD FRQVWDWDomR LPSRUWDQWH
4XDOTXHU TXH VHMD D RULJHP RX D QDWXUH]D GR SUREOHPD SDWROyJLFR R FXVWR GD WDUHID GH UHVROYHU R
SUREOHPD VRPDGR DR FXVWR GD FRQVWUXomR IDOKD RULJLQDO p VHPSUH PDLRU GR TXH VHULD R FXVWR GH
XPD FRQVWUXomR TXH WLYHVVH XP GHVHPSHQKR VDWLVIDWyULR
$V DOWHUQDWLYDV GH LQWHUYHQomR GHYHP VHU FRPSDUDGDV WDQWR HP WHUPRV GRV FXVWRV HQYROYLGRV
FRPR HP WHUPRV GR GHVHPSHQKR GR HGLILFLR DR ORQJR GR WHPSR TXH FDGD DOWHUQDWLYD SURSLFLD (P
RXWUDV SDODYUDV p QHFHVViULR R FRQIURQWR GRV EHQHItFLRV TXH SRVVDP VHU DXIHULGRV WDQWR HP WHUPRV
LQVWDQWkQHRV FRPR QR GHFRUUHU GR UHVWDQWH GD YLGD ~WLO GR HGLItFLR

'LVSRQLELOLGDGH GH WHFQRORJLD SDUD H[HFXomR GRV VHUYLoRV

(VWLPDGR R JUDX GH LQFHUWH]D H D UHODomR FXVWREHQHItFLR GH FDGD XPD GDV DOWHUQDWLYDV GH


LQWHUYHQomR p QHFHVViULR R OHYDQWDPHQWR GRV UHFXUVRV WHFQROyJLFRV HQYROYLGRV QD H[HFXomR GRV
VHUYLoRV SURSRVWRV HP FDGD XPD GDV DOWHUQDWLYDV 6mR HQJOREDGRV QR FRQFHLWR GH UHFXUVRV
WHFQROyJLFRV D WpFQLFD UHTXHULGD GRV UHVSRQViYHLV SHOD H[HFXomR H RV PDWHULDLV H HTXLSDPHQWRV
QHFHVViULRV
7RGDV DV GLILFXOGDGHV SDUD D FRUUHWD H[HFXomR GDV REUDV GH HQJHQKDULD WDPEpP VmR YiOLGDV SDUD
RV VHUYLoRV QHFHVViULRV j UHVROXomR GH XP SUREOHPD 3DWROyJLFR FRP R DJUDYDQWH GH TXH D
RFRUUrQFLD GH IDOKDV QD H[HFXomR GHVWHV VHUYLoRV SRGH JHUDU QRYDV DJUHVV}HV TXH HYHQWXDOPHQWH
FRPSOLFDP H[DUFHEDP RX PHVPR HWHUQL]DP R SUREOHPD RULJLQDO
(P FRQVHTrQFLD GR TXH IRL H[SRVWR D GHILQLomR GD FRQGXWD D VHU VHJXLGD GHYH OHYDU HP FRQWD
DOpP GR JUDX GH LQFHUWH]D TXDQWR j HILFLrQFLD H D UHODomR FXVWREHQHItFLR GH FDGD XPD GDV
DOWHUQDWLYDV R FRQIURQWR HQWUH D WHFQRORJLD UHTXHULGD H D GLVSRQtYHO SDUD D H[HFXomR GRV VHUYLoRV
2 QtYHO QHFHVViULR GH TXDOLILFDomR GD PmR GH REUD H VRILVWLFDomR GRV PDWHULDLV H HTXLSDPHQWRV p
XP IDWRU GH KLHUDUTXL]DomR GDV DOWHUQDWLYDV GH LQWHUYHQomR HP YLVWD GDV FDUrQFLDV GD ,QG~VWULD
%UDVLOHLUD GD &RQVWUXomR
 $ 5(752$/,0(17$d2 '2 352&(662 ( $ &2175,%8,&2 '2 &$62 3$57,&8/$5
3$5$ 2 '(6(192/9,0(172 '$ 3$72/2*,$ '$6 &216758d(6
(TXDFLRQDQGR R SUREOHPD SDWROyJLFR DGRWDGD D FRQGXWD SDVVDVH j DomR SURSULDPHQWH GLWD
4XDOTXHU LQWHUYHQomR H[HFXWDGD QR HGLItFLR SURGX] HIHLWRV TXDQWR DR VHX GHVHPSHQKR 2
DFRPSDQKDPHQWR GR HGLILFLR DSyV D LQWHUYHQomR D FRQIURQWDomR HQWUH RV HIHLWRV SURYRFDGRV H RV
HVSHUDGRV p IRQWH GH QRYDV LQIRUPDo}HV TXH UHWURDOLPHQWDP R SURFHVVR
2 SURFHVVR GH UHVROXomR GH XP SUREOHPD SDWROyJLFR SRGH SRUWDQWR VHU UHSUHVHQWD GR VRE XPD
IRUPD FLUFXODU
(VWH PRGHOR GR SURFHVVR EDVHDGR QXP FLUFXOR GH LQIRUPDomRGHFLVmRDomRLQIRUPDomRGHFLVmR
WRUQD SRVVtYHO R HQWHQGLPHQWR GDV SURSULHGDGHV GH DXWRDSUHQGL]DJHP GR SURFHVVR H
FRQVHTHQWHPHQWH GDV SRVVLELOLGDGHV PHWRGROyJLFDV GH DSHUIHLoRDPHQWR GDV GHFLV}HV

$WUDYpV GR VLVWHPD GH DYDOLDomR H FKHFDJHP GRV HIHLWRV GDV GHFLV}HV HP WHUPRV GR GHVHPSHQKR
GR HGLILFLR p SRVVtYHO GLULPLU DV LQFHUWH]DV LQHUHQWHV j IRUPXODomR GR GLDJQyVWLFR H j GHILQLomR GD
FRQGXWD H HYHQWXDOPHQWH FRUULJLU HUURV FRPHWLGRV QR SURFHVVR GR WUDWDPHQWR RWLPL]DQGRVH R
GHVHPSHQKR ILQDO REWLGR
(VWH FRQWLQXR SURFHVVR GH DYDOLDomR H FKHFDJHP SDVVD QR PRPHQWR HP TXH VH DYDOLD TXH R
GHVHPSHQKR REWLGR Mi HVWHMD RWLPL]DGR D QmR ID]HU SDUWH GR SURFHVVR GH UHVROXomR GR SUREOHPD
SDWROyJLFR WUDQVIRUPDQGRVH GXUDQWH R UHVWDQWH GD YLGD ~WLO GR HGLILFLR HP LQVSHo}HV SHULyGLFDV QR
FRQWH[WR GD PDQXWHQomR GHVWH HGLItFLR
5HVROYLGR R FDVR LQGLYLGXDO  R SURFHGLPHQWR JHQpULFR DLQGD QmR HVWi FRQFOXtGR SRLV R
FRQKHFLPHQWR DGTXLULGR GHYH VHU GLUHFLRQDGR QR VHQWLGR GR GHVHQYROYLPHQWR JOREDO GD 3DWRORJLD
GDV &RQVWUXo}HV $ 3DWRORJLD GDV &RQVWUXo}HV SRGH VH GHVHQYROYHU EDVLFDPHQWH D SDUWLU GR
FRQKHFLPHQWR WHyULFR FDGD YH] PDLRU GRV IHQ{PHQRV QDWXUDLV H D SDUWLU GD GLYXOJDomR GRV
FRQKHFLPHQWRV SUiWLFRV REWLGRV QR WUDWDPHQWR GH FDGD WLSR GH SUREOHPD SDWROyJLFR
&RQILJXUDGD D QHFHVVLGDGH GH TXH R FRQKHFLPHQWR WpFQLFR H FLHQWtILFR QmR VH UHVWULQMD DR WpFQLFR
HQYROYLGR D VXD GLYXOJDomR SUHVVXS}H D IRUPDOL]DomR SRU HVFULWR GD KLVWyULD GR SUREOHPD H GH VXD
VROXomR 3UHWHQGHVH FRP HVWH UHJLVWUR QmR D QDUUDomR OLWHUiULD GH IDWRV H IHQ{PHQRV ItVLFRV PDV D
VtQWHVH GR FRQKHFLPHQWR WpFQLFR H FLHQWtILFR HPSUHJDGR H SULQFLSDOPHQWH DGTXLULGR QR SURFHVVR GH
UHVROXomR GR SUREOHPD
(VWH UHJLVWUR VH FRQVWLWXL QD IRQWH PDLV VHJXUD SDUD D REWHQomR GH GDGRV HVWDWtVWLFRV VREUH DV
PDQLIHVWDo}HV H LQFLGrQFLD GRV SUREOHPDV SDWROyJLFRV DVVLP FRPR GD HILFLrQFLD GRV GLYHUVRV WLSRV
GH WUDWDPHQWR (VWHV GDGRV FRQIRUPH VDOLHQWDGR DQWHULRUPHQWH QR LWHP  VmR VXEVtGLRV
HVVHQFLDLV SDUD R GLDJQyVWLFR GH FDVRV VHPHOKDQWHV H SDUD D GHILQLomR QHVWHV FDVRV GD FRQGXWD
WHUDSrXWLFD PDLV HILFLHQWH
'D DQiOLVH IHLWD SRGHPRV FRQFOXLU TXH VH WRGRV RV SURFHVVRV GH WUDWDPHQWR GH HGLItFLRV IRVVHP
LQGHSHQGHQWH GR JUDX GH r[LWR UHJLVWUDGDV H GLYXOJDGRV R FRQKHFLPHQWR GD 3DWRORJLD H D
FDSDFLGDGH JHUDO GH UHVROXomR GRV SUREOHPDV VHULD HQRUPHPHQWH DPSOLDGD 2FRUUH QR HQWDQWR
TXH GH XP ODGR XPD JUDQGH SDUWH GRV HGLItFLRV FRP SUREOHPDV QmR VmR UHJLVWUDGRV VHJXQGR XPD
PHWRGRORJLD FLHQWtILFD H LQGLYLGXDOL]DGD SDVVtYHO GH UHJLVWUR H GH RXWUR XPD SDUWH GRV HGLItFLRV
WUDWDGRV FRUUHWDPHQWH QmR WHP D KLVWyULD GR WUDWDPHQWR GLYXOJDGD (P FRQVHTrQFLD GLVVR VmR
tQILPRV DR PHQRV QR %UDVLO RV GDGRV HVWDWtVWLFRV D UHVSHLWR GRV SUREOHPDV SDWROyJLFRV H VREUH R
VHX WUDWDPHQWR
 $3/,&$d2 '$ 0(72'2/2*,$ &$626
$ PHWRGRORJLD DSUHVHQWDGD QmR p HVSHFtILFD H QHP UHVWULWD D DOJXP WLSR SDUWLFXODU GH SUREOHPD
SDWROyJLFR $R LQYHUVR HVWD PHWRGRORJLD SRGH HP VXDV OLQKDV EiVLFDV VHU HVWHQGLGD j UHVROXomR
GH TXDOTXHU VLWXDomR HP TXH RV HGLItFLRV QmR HVWHMDP DSUHVHQWDQGR GHVHPSHQKR VDWLVIDWyULR
6mR DSUHVHQWDGRV D VHJXLU GLYHUVRV SUREOHPDV SDWROyJLFRV DFRQWHFLGRV QD UHDOLGDGH H FXMR
SURFHVVR GH UHVROXomR IRL UHODWDGR SHORV GLIHUHQWHV WpFQLFRV HQYROYLGRV VHJXQGR FULWpULRV FLHQWtILFRV
H VHJXLQGR D PHWRGRORJLD SURSRVWD
&$62   'HVFRODPHQWR GH SDVWLOKDV GD IDFKDGD GH XP JUDQGH 6KRSSLQJ &HQWHU HP 6mR 3DXOR
>@

2 SURFHVVR D VHJXLU DSUHVHQWDGR GH UHFXSHUDomR GH 6KRSSLQJ &HQWHU FXMDV SDVWLOKDV GD IDFKDGD


VH HQFRQWUDYDP HP SURFHVVR GH GHVFRODPHQWR p R UHVXPR GH SDUHFHU WpFQLFR HODERUDGR D SDUWLU
GH VROLFLWDomR GR SURSULHWiULR SUHPLGR SHOR ULVFR TXH HVWH GHVORFDPHQWR UHSUHVHQWDYD SDUD D
VHJXUDQoD GRV XVXiULRV
9LVWRULD

3DVWLOKDV FHUkPLFDV TXH FRPS}HP D IDFKDGD VH GHVFRODP HP JUDQGHV SODFDV DPHDoDQGR D


VHJXUDQoD GH WUDQVHXQWHV H DXWRPyYHLV

UHDV RQGH DFRQWHFHUDP RV GHVFRODPHQWRV VLWXDPVH QDV IDFKDGDV RQGH RFRUUH D DomR PDLV
LQWHQVD GD LQVRODomR GLUHWD RX QDV UHJL}HV FRQWtJXDV LV MXQWDV GH GLODWDomR

$OpP GDV iUHDV RQGH RFRUUHX R GHVFRODPHQWR RXWUDV DSUHVHQWDYDP VRP FDYR j SHUFXVVmR

3URFHVVR GH DVVHQWDPHQWR GDV SDVWLOKDV FRP SDSHO SHUIXUDGR FRODGR j IDFH LQWHUQDGD SDVWLOKD

8WLOL]DomR GH DUJDPDVVD DGHVLYD FRP WRQDOLGDGH HVSHFLDO

$QDPQHVH

)RL HVWXGDGR PDSD Mi HODERUDGR RQGH HUDP LQGLFDGDV iV DUHDV DIHWDGDV H DV iUHDV GH
GHVFRODPHQWR SRWHQFLDO SRU DSUHVHQWDUHP VRP FDYR j SHUFXVVmR

HGLItFLR IRL FRQVWUXtGR DSUR[LPDGDPHQWH GH] DQRV DQWHV GD YLVWRULD +i DSUR[LPDGDPHQWH VHLV
PHVHV WRGR R UHYHVWLPHQWR GD IDFKDGD IRL UHIHLWR VHQGR TXH Ki XP PrV FRPHoDUDP D RFRUUHU
RV GHVFRODPHQWRV

&RQWDWR FRP RV IDEULFDQWHV GD SDVWLOKD H GD DUJDPDVVD DGHVLYD LQGLFRX TXH D DUJDPDVVD


DGHVLYD XWLOL]DGD IRL IHLWD VRE HQFRPHQGD GHYLGR L WRQDOLGDGH HVSHFLDO

PDQXDO GR IDEULFDQWH GH SDVWLOKDV LQGLFD D UHFRPHQGDomR GR XVR GH DUJDPDVVD DGHVLYD


TXDQGR D EDVH p HP HPERoR GHVHPSHQDGR

([DPHV &RPSOHPHQWDUHV

,Q /RFR  (QVDLRV GH DUUDQFDPHQWR GDV SDVWLOKDV HP GLYHUVRV ORFDLV PRVWUDUDP TXH PHVPR
QRV ORFDLV TXH DSUHVHQWDYDP VRP FDYR D IRUoD GH DUUDQFDPHQWR QHFHVViULD p UHODWLYDPHQWH
JUDQGH GHYLGR DR IHQ{PHQR GR HQFXQKDPHQWRGDV MXQWDV

(P /DERUDWyULR

$ FDUDFWHUL]DomR GH DPRVWUDV GH DUJDPDVVD DGHVLYD VLPLODUHV jV XVDGDV QD REUD PRVWURX


UHVXOWDGRV VDWLVIDWyULRV GH UHVLVWrQFLD GH DGHUrQFLD

$ FDUDFWHUL]DomR GDV SDVWLOKDV FHUkPLFDV XVDGDV GHPRQVWURX VHUHP HODV GH ERD TXDOLGDGH
2FRUUH TXH HVWDV DSUHVHQWDUDP XPD SHOtFXOD GH FROD GH DPLGR VREUH D VXSHUItFLH GRV IXURV

)RUDP IHLWRV HQVDLRV GH VLPXODomR GH GHVHPSHQKR D SDUWLU GH PDWHULDLV FRPSRQHQWHV H


WpFQLFD GH DVVHQWDPHQWR VLPLODUHV DRV XVDGRV QD REUD )RUDP UHDOL]DGRV RV VHJXLQWHV
HQVDLRV GH DGHUrQFLD XWLOL]DQGRVH D PHVPD EDVH

3DVWLOKD FRP SDSHO SHUIXUDGR QR YHUVR DUJDPDVVD DGHVLYD VLPLODU L XVDGD QD REUD

3DVWLOKD VHP SDSHO SHUIXUDGR QR YHUVR H VHP D SHOtFXOD GH FROD GH DPLGR DUJDPDVVD
DGHVLYD VLPLODU L XVDGD QD REUD

3DVWLOKDV FRP SDSHO SHUIXUDGR QR YHUVR DUJDPDVVD DGHVLYD UHFRQKHFLGDPHQWH HILFLHQWH

3DVWLOKD VHP SDSHO SHUIXUDGR QR YHUVR H VHP D SHOtFXOD GH FROD GH DPLGR DUJDPDVVD
DGHVLYD UHFRQKHFLGDPHQWH HILFLHQWH

2 UHVXOWDGR GHVWHV HQVDLRV PRVWURX QmR KDYHU GLIHUHQoD QD DGHUrQFLD TXDQWR j DUJDPDVVD DGHVLYD
HPSUHJDGD 2 PHVPR QmR SRGH VHU GLWR TXDQWR j H[LVWrQFLD GR SDSHO SHUIXUDGR HQWUH D SDVWLOKD H D
DUJDPDVVD RFRUUHQGR QR FDVR GD H[LVWrQFLD GR SDSHO SHUIXUDGR H GD SHOtFXOD GD FROD GH DPLGR
XPD VHQVtYHO GLPLQXLomR GD DGHUrQFLD
'LDJQyVWLFR
2 GHVFRODPHQWR GDV SDVWLOKDV RFRUUHX QRV ORFDLV HP TXH FRQFRPLWDQWHPHQWH H[LVWLD XPD DGHUrQFLD
GHILFLHQWH H HVIRUoRV VROLFLWDQWHV GH PDLRU LQWHQVLGDGH 2V HV IRUoRV VROLFLWDQWHV PDLRUHV RFRUUHP
QDV IDFKDGDV VXEPHWLGDV j LQVRODomR GLUHWD H QDV iUHDV FRQWtJXDV DV MXQWDV GH GLODWDomR GD
HVWUXWXUD $ DGHUrQFLD GHILFLHQWH SRGH VHU GHELWDGD j SUySULD WHFQRORJLD GH SURGXomR H
DVVHQWDPHQWR GDV SDVWLOKDV 'RLV IDWRUHV SRGHP VHU UHVVDOWDGRV FRPR EiVLFRV

'LPLQXLomR GD iUHD Pi[LPD GH FRQWDWR SDUD  GD iUHD SRVVtYHO VH QmR KRXYHVVH R SDSHO
SHUIXUDGR 

([LVWrQFLD GH XPD SHOtFXOD GH FROD GH DPLGR VREUH D SDVWLOKD QD UHJLmR GRV IXURV SHOtFXOD
HVWD TXH GLILFXOWD D DGHUrQFLD
&RQGXWD 5HFRPHQGDGD
5HFXSHUDomR GD IDFKDGD SHOR UHDVVHQWDPHQWR GDV SDVWLOKDV WDQWR QDV iUHD HP TXH KRXYH R
GHVFRODPHQWR GDV SDVWLOKDV FRPR QDV iUHDV RQGH DWUDYpV GR UHVXOWDGR GH HQVDLRV GH SHUFXVVmR
VH FRQFOXLX SHOD H[LVWrQFLD GH XP JUDQGH SRWHQFLDO GH GHVFRODPHQWR
'HVFDUWRXVH D QHFHVVLGDGH GR UHDVVHQWDPHQWR GDV SDVWLOKDV GH WRGDV DV IDFKDGDV DSHVDU GD
SRVVtYHO DGHUrQFLD LQDGHTXDGD SHOD H[LVWrQFLD GR HIHLWR GR HQFXQKDPHQWR GDV SDVWLOKDV TXH
GLILFXOWD R VHX GHVFRODPHQWR
1R SURFHVVR GH UHDVVHQWDPHQWR GDV SDVWLOKDV IRL SURLELGD D XWLOL]DomR GH SDSHO SHUIXUDGR QD IDFH
GH DGHUrQFLD FRP UHVXOWDGRV H[FHOHQWHV
&$62   )LVVXUDomR HP SDUHGHV GH DOYHQDULD GH EORFR VtOLFRFDOFiULR HP HGLItFLRV GH FRQMXQWR
KDELWDFLRQDO GD &LGDGH GH &DPSLQDV >@
2 SURFHVVR  D VHJXLU DSUHVHQWDGR GH UHFXSHUDomR GH FRQMXQWR KDELWDFLRQDO FXMRV HGLILFLRV
DSUHVHQWDYDP JUDQGH LQFLGrQFLD GH ILVVXUDV QDV MXQWDV GD DOYHQDULD p R UHVXPR GH SDUHFHU WpFQLFR
HODERUDGR D SDUWLU GH VROLFLWDomR GD FRQVWUXWRUD TXH SRU VXD YH] DWHQGLD j TXHL[D GRV XVXiULRV H
LQWLPDomR GRV SRGHUHV S~EOLFRV

9LVWRULD

&DUDFWHUtVWLFDV H SRVLFLRQDPHQWR GDV ILVVXUDV FRQVWDQWHV QRV GLYHUVRV HGLItFLRV

)LVVXUDV HP PDLRU LQFLGrQFLD QDV IDFKDGDV PDLV FRPSURPHWLGDV SHORV DJHQWHV DWPRVIpULFRV

$EHUWXUD GDV ILVVXUDV GD RUGHP GH  D  PP

'HWHUPLQDGRV HGLItFLRV DSUHVHQWDYDP XPD LQFLGrQFLD PXLWR PDLRU TXH RXWURV

)LVVXUDV QmR DSUHVHQWDYDP DV FDUDFWHUtVWLFDV WtSLFDV GDTXHODV UHODFLRQDGDV FRP DV FDXVDV


PDLV FRPXQV UHFDOTXH GH IXQGDomR GHIRUPDomR HVWUXWXUDO H[FHVVLYD H ILVVXUDV GH RULJHP
WpUPLFD 

5HSDURV HVWDYDP VHQGR H[HFXWDGRV XWLOL]DQGR HODVW{PHURV VLQWpWLFRV

$QDPQHVH

&RQWDWR FRP FRQVWUXWRUD GHPRQVWURX TXH D WHFQRORJLD XWLOL]DGD QmR KDYLD VLGR DGDSWDGD LV
FRQGLo}HV EUDVLOHLUDV

&RQWDWR FRP R GHWHQWRU GD WHFQRORJLD GR SURFHVVR FRQVWUXWLYR WDPEpP GHPRQVWURX TXH HVWD
QmR HVWDYD FRPSOHWDPHQWH GRPLQDGD

/HYDQWDPHQWR GDV FRQGLo}HV FOLPiWLFDV GXUDQWH D FRQVWUXomR GH FDGD XP GRV HGLItFLRV


GHPRQVWURX XPD FRUUHODomR PDUFDQWH HQWUH D DJUHVVLYLGDGH GR PHLR QD pSRFD GD FRQVWUXomR H
XPD PDLRU LQFLGrQFLD GDV ILVVXUDV GR HGLItFLR FRQVWUXtGR

OHYDQWDPHQWR GD LQFLGrQFLD GRV SUREOHPDV IRL IHLWR SHOD FRQVWUXWRUD H EDVHDGR HP UHFODPDo}HV
GRV XVXiULRV TXDQWR j SHUGD GD HVWDQTXHLGDGH (VWH WLSR GH PHWRGRORJLD IRL HPSUHJDGR GHYLGR
D GLILFXOGDGH QD YLVXDOL]DomR GDV ILVVXUDV TXH WLQKDP SHTXHQD DEHUWXUD

SUREOHPD -i WLQKD VLGR REMHWR GH GLDJQyVWLFR LQFRUUHWR $ FDXVD DSRQWDGD KD YLD VLGR D UHWUDomR
GD DUJDPDVVD (VWD FDXVD QmR IRL FRQVLGHUDGD SURFHGHQWH XQLD YH] TXH D XWLOL]DomR GH
DUJDPDVVD VHPHOKDQWH QD PHVPD UHJLmR HP REUDV XWLOL]DQGR RXWURV WLSRV GH EORFRV QmR
DSUHVHQWRX SUREOHPDV

([DPHV &RPSOHPHQWDUHV
1mR IRUDP UHDOL]DGRV SRU VH FRQVLGHUDU TXH D WHFQRORJLD QmR HUD VXILFLHQWHPHQWH GRPLQDGD R TXH
SURYRFDYD D QHFHVVLGDGH GH SHVTXLVD ELEOLRJUiILFD H WHFQROyJLFD
3HVTXLVD
$WUDYpV GH SHVTXLVD GH ELEOLRJUDILD HVWUDQJHLUD YHULILFRXVH TXH D WHFQRORJLD FRQVWUXWLYD GHYH VHU
DGDSWDGD jV FDUDFWHUtVWLFDV FOLPiWLFDV ORFDLV H j FDUDFWHUtVWLFD GRV HGLItFLRV
5HDOL]RXVH SHVTXLVD H[SHULPHQWDO GD FDUDFWHUL]DomR GD DUJDPDVVD HPSUHJDGD H GR EORFR
VtOLFRFDOFDULR H[LVWHQWH QR PHUFDGR

5HDOL]RXVH SHVTXLVD GH DYDOLDomR GH GHVHPSHQKR GD LQWHUDomR GR EORFR FRP GLYHUVRV WLSRV GH


DUJDPDVVD
'LDJQRVWLFR

)RL FRQVLGHUDGR FRPR FDXVDGRU EiVLFR GD ILVVXUDomR R IHQ{PHQR GD UHWUDomR QD VHFDJHP GH


DOYHQDULD  (VWH IHQ{PHQR IRL PD[LPL]DGR SHOD FRQMXJDomR GH GLYHUVRV IDWRUHV HQWUH RV TXDLV

&RPSRVLomR LQDGHTXDGD GD DUJDPDVVD DOWR PyGXOR GH HODVWLFLGDGH H EDL[D FDSDFLGDGH GH


UHWHQomR GH iJXD 

8WLOL]DomR GH EORFRV SUHYLDPHQWH XPHGHFLGRV

&RQGLo}HV DPELHQWDLV DGYHUVDV QD pSRFD GD FRQVWUXomR pSRFD H[FHVVLYDPHQWH TXHQWH H FRP


DOWR tQGLFH SOXYLRPpWULFR 

&RQGXWD 5HFRPHQGDGD

5HFREULPHQWR GH WRGR R SDQR GDV SDUHGHV FRP XPD WLQWD GH FDUDFWHUtVWLFDV HOiVWLFDV

1RV ORFDLV RQGH DV ILVVXUDV WHP DEHUWXUD VXSHULRU D FDSDFLGDGH GD WLQWD GH UHFREUtODV GHYHVH
UHWLUDU SRU UDVSDJHP XPD FDPDGD GH  FP GD DUJDPDVVD H VXEVWLWXtOD SRU RXWUD
VXILFLHQWHPHQWH HOiVWLFD

8WLOL]DomR GH HODVW{PHURV VLQWpWLFRV VRPHQWH HP ILVVXUDV GH JUDQGH DEHUWXUD

&$62   &RUURVmR GDV DUPDGXUDV GRV EULVHV GD IDFKDGD GH HGLItFLR HP 5HFLIH >@
2 SURFHVVR D VHJXLU DSUHVHQWDGR GH UHFXSHUDomR GH HGLItFLR S~EOLFR FXMRV EULVHV GDV IDFKDGDV VH
DSUHVHQWDYDP JHQHUDOL]DGDPHQWH ILVVXUDGRV H FRP PDQFKDV IHUUXJLQRVDV H R UHVXPR GH SDUHFHU
WpFQLFR HODERUDGR D SDUWLU GH VROLFLWDomR GR yUJmR S~EOLFR SURSULHWiULR GR HGLItFLR
9LVWRULD

Q~PHUR WRWDO GH EULVHV p GH DSUR[LPDGDPHQWH TXDWUR PLO YDULDQGR HP VXDV IRUPDV VHWH
IRUPDWRV H YDULDQGR DLQGD HP VXDV GLPHQV}HV

%DVLFDPHQWH D HVWUXWXUD GRV EULVHV p FRQVWLWXtGD GH

8PD SDUWH H[WHUQD PROGDGD H[HFXWDGD HP FRQFUHWR DUPDGR FRQYHQFLRQDO

8PD SDUWH FHQWUDO H[HFXWDGD HP FRQFUHWR FHOXODU WDPEpP FRP DUPDGXUD GH VXVWHQWDomR

)RL YHULILFDGD D SUHVHQoD GH PDQFKDV IHUUXJLQRVDV GLVWULEXtGDV HP WRGRV RV EULVHV

0DLRU LQFLGrQFLD GH PDQFKDV QRV EULVHV ORFDOL]DGRV HP iUHDV GH PHQRU LQVRODomR H SHTXHQD
YHQWLODomR

(PERUD RV EULVHV IRVVHP GH IRUPDV JHRPpWULFDV GLVWLQWDV DV PDQFKDV VH DSUHVHQWDYDP FRP


DVSHFWR H ORFDOL]DomR VHPHOKDQWHV

$V PDQFKDV DSUHVHQWDYDPVH SRQWXDLV RX HVFRUULGDV QD GLUHomR YHUWLFDO VLWXDQGRVH GH


SUHIHUrQFLD QD PROGXUD H MXQomR GR FRQFUHWR FHOXODU

SUREOHPD IRL WDPEpP FRQVWDWDGR HP EULVHV JXDUGDGRV QR GHSyVLWR

$QDPQHVH

2V EULVHV IRUDP IDEULFDGRV HP 6mR 3DXOR H WUDQVSRUWDGRV YLD URGRYLiULD SDUD 5HFLIH

$ FRORFDomR GRV EULVHV HP DOJXPDV SDUWHV GR HGLILFLR IRL IHLWD FRQFRPLWDQWHPHQWH j H[HFXomR
GR UHYHVWLPHQWR GH SDVWLOKDV (VWH IDWR DFDUUHWRX TXH R EDQKR GH VROXomR GH iFLGR PXULiWLFR D
  XWLOL]DGR QDV SDVWLOKDV DWLQJLVH XPD SDUWH GRV EULVHV (P RXWUDV SDUWHV GR HGLItFLR R IDWR
RFRUUHX HP PHQRU HVFDOD RFRUUHQGR VLWXDo}HV HP TXH RV EULVHV IRUDP PRQWDGRV GHSRLV GD
H[HFXomR GR UHYHVWLPHQWR HP SDVWLOKDV (P WRGRV RV FDVRV QR HQWDQWR WHYHVH GH ID]HU RV
DUUHPDWHV ILQDLV GR DFDEDPHQWR QDV SDUHGHV RQGH RV EULVHV VmR PRQWDGRV QD HVWUXWXUD
TXDQGR QRYDPHQWH IRL XWLOL]DGD D VROXomR GH iFLGR PXULiWLFR

7RGRV RV EULVHV UHFHEHUDP QR ORFDO XP UHYHVWLPHQWR GH DUJDPDVVD GH FLPHQWR FRPR


DFDEDPHQWR H[WHUQR

IHQ{PHQR GR DSDUHFLPHQWR GD IHUUXJHP IRL REVHUYDGR FRP D FKHJDGD GDV FKXYDV

$ XPLGDGH UHODWLYD GR DU QR ORFDO GR HGLILFLR L


EDVLFDPHQWH DOWD DVVLP FRPR D WHPSHUDWXUD

([DPHV &RPSOHPHQWDUHV

)RL FROHWDGR XP EULVH SDUD H[DPHV FRPSOHPHQWDUHV HP ODERUDWyULR

5HVLVWrQFLD j FRPSUHVVmR GH DPRVWUD FROHWDGD GH FRQFUHWR FHOXODU DSUHVHQWRX R YDORU PpGLR


GH IFM  03D

&RQFUHWR FHOXODU YROXPH GH YD]LRV   PDVVD HVSHFLILFD  NJOGP


FRQFUHWR QRUPDO  YROXPH GH YD]LRV   PDVVD HVSHFLILFD  NJOGP

FRQFUHWR FHOXODU DSUHVHQWRX XPD UHVLVWLYLGDGH LQIHULRU j GR FRQFUHWR FRPXP QDV FRQGLo}HV
LQLFLDLV GR HQVDLR $R ILQDO GR TXDUWR GLD GH H[SRVLomR D XP DPELHQWH GH EDL[D XPLGDGH UHODWLYD
 D   D UHVLVWLYLGDGH SUDWLFDPHQWH TXLQWXSOLFRX R VHX YDORU H WRUQRXVH TXDVHGXDV YH]HV
PDLRU GR TXH D GR FRQFUHWR &2080

FREULPHQWR GDV DUPDGXUDV WDQWR QDV SDUWHV GH FRQFUHWR QRUPDO TXDQWR QR FRQFUHWR FHOXODU p
EDVLFDPHQWH LUUHJXODU YDULDQGR GH  FP D  FP

S+ SRWHQFLRPpWULFR GR FRQFUHWR FHOXODU HUD GD RUGHP GH  H GR FRQFUHWR QRUPDO GH  D




7RGDV EDUUDV GH DUPDGXUDV DSUHVHQWDYDP FRUURVmR VXSHUILFLDO H DOWD UHVLVWrQFLD j WUDomR


VXSHULRUHV DR DoR &$ 

)RL FRQVWDWDGD D SUHVHQoD GH VXOIHWRV QD DPRVWUD GH FRQFUHWR FHOXODU

'LDJQyVWLFR
$ RFRUUrQFLD GD FRUURVmR GDV DUPDGXUDV GRV EULVHV GHYH VHU DWULEXtGD jV FDUDFWHUtVWLFDV GR
FRQFUHWR FHOXODU (VWH QmR p FDSD] GH RIHUHFHU XPD SURWHomR DR DoR GR PHVPR WLSR TXH XP
FRQFUHWR QRUPDO RIHUHFH TXDQGR H[SRVWR jV FRQGLo}HV DWPRVIpULFDV DJUHVVLYDV REVHUYDGDV QR
ORFDO
$ FRUURVmR QDV SDUWHV H[HFXWDGDV HP FRQFUHWR FRPXP GHYH VHU DWULEXtGD j HVSHVVXUD LQVXILFLHQWH
GR FREULPHQWR GR FRQFUHWR QRUPDOPHQWH LQIHULRU D FP
2V FRPSRVWRV DJUHVVLYRV GHFRUUHQWHV GD ODYDJHP GH SDVWLOKDV FRP iFLGR PXULiWLFR SRGHP WHU
DFHOHUDGR R SURFHVVR GH FRUURVmR SRUHP D QmR XWLOL]DomR GHVVH iFLGR QmR LPSOLFD HP TXH D
FRUURVmR QmR YLHVVH D FRUUHU
&RQGXWD 5HFRPHQGDGD

6XEVWLWXLomR GRV EULVHV DWXDLV SRU EULVH


V GH RXWUR PDWHULDO TXH QmR R FRQFUHWR FHOXODU
UHVLVWHQWH DR DPELHQWH RX

6XEVWLWXLomR GRV EULVHV SRU RXWURV LQWHJUDOPHQWH FRQVWLWXtGRV GH FRQFUHWR FHOX ODU SRUpP FRP
DUPDGXUDV QmR VXVFHSWtYHLV D FRUURVmR

&$62   &RUURVmR GDV LQVWDODo}HV GH iJXD IULD H TXHQWH GH HGLItFLR GD FLGDGH GH 6mR 3DXOR >@
2 SURFHVVR D VHJXLU DSUHVHQWDGR GH UHFXSHUDomR GH HGLItFLR FXMDVLQVWDODomHV GH iJXD IULD H
TXHQWH DSUHVHQWDYDP WUHFKRV GH FRUURVmR H YD]DPHQWR H R UHVXPR GH SDUHFHU WpFQLFR HODERUDGR D
SDUWLU GH VROLFLWDomR GR FRQGRPtQLR GR HGLILFLR
9LVWRULD

(GLILFLR WHP RQ]H DQGDUHV WLSR FRP GRLV DSDUWDPHQWRV SRU DQGDU &DGD DSDUWDPHQWR H
FRPSRVWR SRU VDOD WUrV GRUPLWyULRV GRLV EDQKHLURV FRSDFR]LQKD iUHD GH VHUYLoR TXDUWR H
EDQKHLUR GH HPSUHJDGD
VLVWHPD GH DTXHFLPHQWR GD iJXD p FHQWUDOL]DGR HP FDOGHLUDV ORFDOL]DGDV QR VXEVROR
$ WXEXODomR GH iJXD IULD p GH DoR JDOYDQL]DGR H D GH iJXD TXHQWH GH FREUH DPEDV HPEXWLGDV
HP SDUHGH GH DOYHQDULD GH WLMROR UHYHVWLGD FRP SODFDV GH UHVLQD PHODPtQLFD IyUPLFD  (VWH WLSR
GH UHYHVWLPHQWR GLILFXOWD D UiSLGD SHUFHSomR GR SUREOHPD (P JHUDO TXDQGR VH SHUFHEH R
SUREOHPD D WXEXODomR Mi DSUHVHQWD SUREOHPD GH YD]DPHQWR VLJQLILFDWLYR
2V YD]DPHQWRV QD WXEXODomR GH JXD VH PDQLIHVWDP SRU HVFRUULPHQWR QR Sp GD SDUHGH H SHOD
GHIRUPDomR H GHVFRODPHQWR GR UHYHVWLPHQWR GH IyUPLFD
$ WXEXODomR GH FREUH HVWDYD HOHWULFDPHQWH FRQHFWDGD j WXEXODomR GH DoR JDOYDQL]DGR QRV
SRQWRV GH PLVWXUD GD iJXD SDUD RV FKXYHLURV EDQKHLURV H ELGrV
$ FRUURVmR QRV WXERV GH DoR JDOYDQL]DGR PDQLIHVWDYDVH HP SRQWRV DOHDWyULRV DR ORQJR GD
WXEXODomR $OJXPDV GDV UHJL}HV FRUURtGDV HVWDYDP SUy[LPDV jV UHJL}HV GH FRQH[}HV RXWUDV
HVWDYDP PDLV SUy[LPDV jV WXEXODo}HV GH FREUH
$ SDUHGH HUD KHWHURJrQHD GR SRQWR GH YLVWD GRV PDWHULDLV FRQVWLWXLQWHV H[LVWLQGR WUHFKRV HP
WLMRORV DVVHQWDGRV FRPDUJDPDVVD H WUHFKRV GH FRQFUHWR $ WXEXODoLR DWUDYHVVDYD HVVDV
UHJL}HV H D FRUURVmR VH PDQLIHVWDYD SUHIHUHQFLDOPHQWH QD VXSHUItFLH HP FRQWDWR FRP RV WLMRORV

$QDPQHVH
)RUDP FROHWDGDV DV VHJXLQWHV LQIRUPDo}HV SUHVWDGDV SRU PRUDGRUHV GR HGLItFLR

$OJXQV SURSULHWiULRV LQGHSHQGHQWHPHQWH GD UHIRUPD JHUDO GR SUpGLR VXEVWLWXLUDP DV


WXEXODo}HV GRV UDPDLV TXH HUDP GH DoR JDOYDQL]DGR SRU FREUH
2FRUUHX D WURFD GH SDUWH GD WXEXODomR GD SUXPDGD GRV EDQKHLURV $ WXEXODomR TXH HUD GH DoR
JDOYDQL]DGR IRL VXEVWLWXtGD SRU FREUH QXP WUHFKR GH DSUR[LPDGD PHQWH FLQFR PHWURV (VWD
VXEVWLWXLomR RFRUUHX HQWUH RV  H DQGDUHV

'LDJQyVWLFR
$ WXEXODomR GH DoR JDOYDQL]DGR GR HGLItFLR DSUHVHQWDYD FRUURVmR QD VXD VXSHUItFLH H[WHUQD GHYLGR
EDVLFDPHQWH D WUrV IDWRUHV
3UHVHQoD GH XPLGDGH GHYLGR D PLFURYD]DPHQWR QDV MXQWDV
&RQWDWR GRV WXERV FRP PHLR KHWHURJrQHR

$FHOHUDomR GR SURFHVVR GHYLGR DR FRQWDWR HOpWULFR GR WXER GH DoR JDOYDQL]DGR FRP WXER GH
FREUH
&RQGXWD 5HFRPHQGDGD
'XDV DOWHUQDWLYDV GH FRQGXWD VmR SRVVtLYHLV
 5HFXSHUDomR GD WXEXODomR GH DoR JDOYDQL]DGR H[LVWHQWH LPSOLFDQGR QD GHVPRQWDJHP
OLPSH]D VXEVWLWXLomR GRV WXERV FRUURtGRV H QRYD PRQWDJHP REVHUYDQGRVH RV VHJXLQWHV
FXLGDGRV
$VVHJXUDU SHUIHLWD YHGDomR GDV MXQWDV GDV FRQH[}HV H UHDOL]DU HQVDLR GH YHULILFDomR GD
HVWDQTXHLGDGH GD WXEXODomR DSOLFDQGR DQWHV GHOD VHU FREHUWD FRP DUJDPDVVD SUHVVmR
KLGURVWtWLFD GH YDORU LJXDO D  YH]HV D PDLRU DOWXUD PDQRPpWULFD YHULILFDGD SRU SUXPDGD
1R FDVR GDV SDUHGHV FRQVWLWXtGDV GH PDWHULDLV GLIHUHQWHV DUJDPDVVD WLMRORV EORFRV GH
FRQFUHWR  FREULU D VXSHUItFLH VREUH j TXDO VHUi DVVHQWDGD D WXEXODomR FRP DUJDPDVVD
LJXDO DTXHOD TXH VHUi GHSRLV XWLOL]DGD SDUD HPEXWLOD GH PRGR TXH D WXEXODomR ILTXH HP
FRQWDWR FRP DSHQDV XP WLSR GH PDWHULDO

$VVHJXUDU D LVRODomR HOpWULFD HQWUH RV WXERV GHDoR JDOYDQL]DGR H RV WXERV GH FREUH


 6XEVWLWXLomR LQWHJUDO GD WXEXODomR H[LVWHQWH SRU RXWUD D SDUWLU GH XP QRYR SURMHWR GH DFRUGR
FRP DV SUHVFULo}HV GD QRUPD 1%5  LQVWDODo}HV SUHGLDLV GH iJXD IULD  $ QRYD WXEXODomR
SRGH VHU FRQVWLWXtGD SRU

0DWHULDLV QmR PHWiOLFRV WXERV GH 39&

0DWHULDLV QmR IHUURVRV WXERV GH FREUH 


&$62   0DQLIHVWDo}HV GH XPLGDGH iJXD FRUUHQWH ERORU H UHWRUQR GH HVSXPD HP DPELHQWHV
VDQLWiULRV GH HGLItFLR UHVLGHQFLDO GH 6mR 3DXOR >@
2 SURFHVVR D VHJXLU DSUHVHQWDGR GH UHFXSHUDomR GH HGLItFLR GH DOWR SDGUmR FXMRV DPELHQWHV
VDQLWiULRV DSUHVHQWDYDP LQ~PHUDV PDQLIHVWDo}HV SDWROyJLFDV p R UHVXPR GH SDUHFHU WpFQLFR
HODERUDGR D SDUWLU GH VROLFLWDomR GR FRQGRPtQLR GR HGLItFLR
9LVWRULD

(VFRUULPHQWR GH iJXD QR WXER GH YHQWLODomR GH DOJXQV EDQKHLURV QREUHV GR HGLItFLR

)RUPDomR GH ERORU QR IRUUR IDOVR GHVWHV EDQKHLURV


)XURV QR IRUUR IDOVR HP DOJXQV DSDUWDPHQWR
'LYHUVLGDGH GH PDWHULDLV HPSUHJDGRV QD UHGH GH HVJRWRV
7XER GH YHQWLODomR  39&
5DPDLV  IHUUR JDOYDQL]DGR
&DL[D VLIRQDGD FREUH
7XER GH TXHGD IHUUR IXQGLGR
)RL YHULILFDGR TXH R UHMXQWDPHQWR GR UDOR FRP DV SODFDV GR SLVR TXH VmR GH JUDQGHV
GLPHQV}HV IRL PDO H[HFXWDGR
2 SUREOHPDV VXUJLUDP HP GRLV EDQKHLURV FRQWtJXRV GH FDGD DSDUWDPHQWR XP GRV TXDLV IRL
SURMHWDGR SUHYHQGRVH DSHQDV XPD YHQWLODomR LQGLUHWD VREUH R WHWR GR EDQKHLUR D SDUWLU GD
IDFKDGD 1D YLVWRULD YHULILFRXVH D LQH[LVWrQFLD GHVWD DEHUWXUD QD IDFKDGD

$QDPQHVH

$ SDUWLU GR SURMHWR IRUDP HODERUDGRV RV FURTXLV GRV DPELHQWHV VDQLWiULRV RULHQWDQGR D YLVWRULD
9HULILFRXVH TXH D FRQVWUXWRUDOTXH WLQKD XP JUDQGH SRUWH H HUD EHP FRQFHLWXDGD D pSRFD GD
H[HFXomR GR HGLItFLR VH HQFRQWUDYD HP HVWDGR SUpLQVROYrQFLD
9HULILFRXVH TXH QRV DSDUWDPHQWRV HP TXH QmR KDYLD D XWLOL]DomR GR EDQKHLUR GH YHQWLODomR
LQGLUHWD RV SUREOHPDV QmR VH PDQLIHVWDYDP
$ VLWXDomR KDYLD VLGR REMHWR GH LQWHUYHQo}HV TXH SURFXUDYDP DWXDU QDV WXEXODo}HV GH HVJRWR H
iJXD IULD VHP VXFHVVR
$WUDYpV GH FRQVXOWD DRV XVXiULRV GRV DSDUWDPHQWRV GR SULPHLUR DQGDU YHULILFRX VH VHU FRPXP
R IHQ{PHQR GR UHWRUQR GD HVSXPD QDV LQVWDODo}HV QD iUHD GH VHUYLoR H FR]LQKD

'LDTQyVWLFR

$ TXHVWmR GDV PDQLIHVWDo}HV RFRUULGDV QRV IRUURV IDOVRV GRV EDQKHLURV SRGH VHU GHELWDGD j
GHILFLrQFLD GH YHQWLODomR 2 YDSRU OLEHUWDGR QD XWLOL]DomR GR FKXYHLUR DR SHUFRUUHU R WHWR GR
EDQKHLUR FRQWtJXR HQWUD HP FRQWDWR FRP HOHPHQWRV FRP PHQRU WHPSHUDWXUD R WXER GH
YHQWLODomR DV FDL[DV GH OX] H VH FRQGHQVD (VWH SUREOHPD p VHQVLYHOPHQWH DJUDYDGR SHOD
LQH[LVWrQFLD GH DEHUWXUD QD IDFKDGD SDUD D VDOGD GR YDSRU

$ XWLOL]DGR GH PDWHULDLV GLIHUHQWHV QD UHGH GH HVJRWR SURYRFD R VXUJLPHQWR GH GLIHUHQoDV GH


SRWHQFLDO SULQFLSDOPHQWH HQWUH R IHUUR JDOYDQL]DGR H R FREUH (V WH IHQ{PHQR TXH WHQGH D
SURYRFDU D FRUURVmR DLQGD VH HQFRQWUD HP HVWiJLR LQLFLDO GH GHVHQYROYLPHQWR GXUDQWH D
YLVWRULD
2 UHWRUQR GH HVSXPD QR SULPHLUR SDYLPHQWR SRGH VHU GHELWDGR j IDOKD GH SURMHWR GH LQVWDODo}HV
SRU QmR SDUWLFXODUL]DU R VLVWHPD GH HVJRWRV GHVWH SDYLPHQWR OHYDQGR HP FRQWD R IHQ{PHQR GD
VREUHSUHVVmR SRVLWLYD

&RQGXWD 5HFRPHQGDGD

&ULDomR GH XP 6+$)7 GH YHQWLODomR GRV EDQKHLURV GLPHQVLRQDQGR SDUD UHWLUDU R YDSRU JHUDGR
HYLWDQGRVH DVVLP R IHQ{PHQR GD FRQGHQVDomR
7URFD GRV FRPSRQHQWHV GR VLVWHPD GH HVJRWR SDUD 39& D PHQRV GRV WXERV GH TXHGD TXH VH
HQFRQWUDYDP HP ERP HVWDGR
5HSURMHWDU H UHFRQVWUXLU R VLVWHPD GH HVJRWR GR SULPHLUR SDYLPHQWR

5()(51&,$6 %,%/,2*5),&$6
>@ 5(<*$(576 -* *$63(5 0%
%UX[HOOHV   VHSW 
>@

'8725'2,5 &  3UREOHPV  &67& 5HYXH

HW DOLI &RPPHQW HYLWHU OHV GpJDWV &67& 5HYXH %UX[HOOHV VHSW 

>@ %216+25 5% +$55,621 +: 4XDOLW\ LQ WUDGLWLRQDO KRXVLQJ DQ LQYHVWLJDWLRQ LQWR IDXOWV DQG
WKHLU DYRLGDQFH /RQGRQ +HU 0DMHVWU\
V 6WDWLRQHU\ RIILFH  Y %XLOGLQJZHVHDUFK
(VWDEOLVKPHQW 5HSRUW 
>@ $662&,$7,21 3285 /e78'( '( /$ 3$7+2/2*,( (7 '( /
(175(7,(1 '8 %7,0(17
(3(%$7  /
pWDW GH VDQWp GHV EkWLPHQWV &DKtHUV GX &HQWUH 6FLHQILILTXH HW 7HFKQLTXH GX
%DWLPHQW 3DULV  5  VHSW 
>@ ,167,7872 '( 3(648,6$6 7(&12/2*,&$6 '2 (67$'2 '( 62 3$8/2 ,37  3DWRORJLD
QD &RQVWUXomR SURJUDPD GH FROHWD GH LQIRUPDo}HV 6mR 3DXOR  5HODWyULR QR
 
>@ %8,/',1* SDWKRORJ\ &,% ,QIRUPDWLRQ 5RWWHUGDP   
>@ 5(<*$(576 - 'LDJQRVWLF GHV FDV GH SDWKRORJLH GX EkWLPHQW &67& 5HYXH %UX[HOOHV
  GHF 
>@ +(/(1( 35/3DWRORJLD GR &RQFUHWR 6mR 3DXOR  3DOHVWUD SURIHULGD QR FXUVR
'LDJQyVWLFR GH )DOKDV GDV (GLILFDo}HV 
>@ &20,7e (852 ,17(51$&,21$/ '8 %(721 &(%  'XUDELOLW\ RI &RQFUHWH 6WUXFWXUHV VWDWH RI
WKH DUW UHSRUW 3DULV   %XOOHWLQ GLQIRUPDWLRQ Q  
>@ (/'5,'*( +- &RPPRQ GHIHFWV LQ EXLOGLQJV /RQGRQ +HU 0DMHVWU\
V 6WDWLRQHU\ 2IILFH 
>@ $.8768 0 /23(6 ' 6LPXODomR GR GHVHPSHQKR WpUPLFR GDV HGLILFDo}HV &RQVWUXomR
6mR 3DXOR 6mR 3DXOR    7HFQRORJLD GH (GLILFDo}HV  
>@ 0(/9,//( ,$ *25'21 ,$ 7KH UHSDLU DQG PDLQWHQDQFH RI KRXVHV /RQGR 7KH (VWDWHV
*D]HWWH 
>@ &$9$/&$17( 06 'HWHULRUDomR ELROyJLFD H SUHVHUYDomR GH PDGHLUDV 6mR 3DXOR ,37 
>@ 5(1$8'6$/,6 -/ 7KH GHFLVLRQ  PDNLQJ V\VWHPV DQG SURFHVV %XOO &kQFHU 3DULV 
  
>@ &+$67$1* & $848,(5 $ *5(0< ) 3URJQRVWLF NQRZOHGJH LQWHUHVW DQG PHWKRGV
%XOO &kQFHU 3DULV    
>@ 6$%%$7,1, )+ 3DUHFHU WpFQLFR j HPSUHVD SULYDGD 6mR 3DXOR 

>@

$ UHWUDomR QD VHFDJHP GH SDUHGHV GH DOYHQDULD FRQVWUXtGDV FRP VtOLFRFDOFDULRV 6mR


3DXOR  6HPLQiULR GH iUHD DSUHVHQWDGR D (VFROD 3ROLWpFQLFD GD 8QLYHUVLGDGH GH
6mR 3DXOR 

>@ +(/(1( 35/ &RPXQLFDomR YHUEDO 6mR 3DXOR 


>@ ,26+,0272 ( &RPXQLFDomR YHUEDO 6mR 3DXOR 
>@ *5$d$ 0($

*21d$/9(6 20 3DUHFHU WpFQLFR j HPSUHVD SULYDGD 6mR 3DXOR 

%2/(7,0 7e&1,&2  WH[WRV SXEOLFDGRV


%7 

$omR GR LQFrQGLR VREUH DV HVWUXWXUDV


GH FRQFUHWR DUPDGR

35$1&,6&2 5/$1',

%7 

$UJDPDVVDV GH $VVHQWDPHQWR SDUD SDUHGHV


GH DOYHQDULD UHVLVWHQWH

)(51$1'2 +6$%%$7,1,

%7 

&RQWUROH GH TXDOLGDGH GR FRQFUHWR

3$8/2 5 /+(/(1(

%7 

)LEUDV YHJHWDLV SDUD FRQVWUXomR FLYLO


ILEUD GH FRFR

+2/0(5 6$9$67$12 -5

%7 

$V REUDV S~EOLFDV GH HQJHQKDULD H


VXD IXQomR QD HVWUXWXUDomR GD FLGDGH
GH 6mR 3DXOR
3DWRORJLD GDV FRQVWUXo}HV 3URFHGLPHQWRV

%7 

SDUD GLDJQyVWLFR p UHFXSHUDomR

:,72/' =0,752:,&=
125%(572 %/,&+7(167(,1